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Pay day loan borrowers have actually few other available choices.

Pay day loan borrowers have actually few other available choices.

“My whole attitude towards life simply started taking place,” he recalls. “It’s like, ‘Why bother? Just just simply Take every thing. We call it quits.’ ”

Based on research carried out by Pew Charitable Trusts, about 12 million individuals spend more than $7 billion a 12 months in payday advances and charges. An average of, a debtor removes eight loans of $375 each per 12 months and spends $520 on interest.Read More