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Payday Lending: Money Mongering or Smart Lending?

Thursday, November 28, 2013

Payday Lending: Money Mongering or Smart Lending?
This concept of lending money to people based on their credit and previous employment records became popular in the United States of America as it provided convenience of quick and easy loans to the borrowers. In exchange for this convenience the money lenders charge a higher rate of interest and high processing fees. Payday loans does not literally mean that the amount you borrow is equal to your month's pay, but it's named in this fashion because you borrow an amount that is enough for you to get you through to end of the month or rather until your next payday. Payday loans are legal in 37 states out of a total of 50 states in the United States of America.
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