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Resource ID: #20330
Subject: Banks
Source: Wall Street Journal (New York)
Affiliation: 
Date: 25-May-01

Description

Article explains how payday loans work. The story talks about people who needed some quick cash from a payday loan center, but then regretted it later when they had to pay annual interest rates reaching anywhere from 200 to 500 percent. According to the article, "...payday loans--so-called because they typically must be retired by the next payday--have become one of the fastest-growing financial products aimed at U.S. consumers."

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