17 November 2007 15:15
Payday lenders to post loan costs
Payday lenders offer quick cash advances -- for a fee -- that customers are supposed to repay with their next paycheck. Borrowers who cannot repay the loan often "roll over" the loan repeatedly, leading to charges that quickly add up and a cycle of debt. Customers are drawn to the lenders because, unlike banks and credit unions, they don't run credit checks.
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