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How Payday Loans Work

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  • Kaitlyn Hoevelmann

Abstract

Payday loans work differently than other loans. They provide a convenient way to get short-term ''fast cash,'' but their interest rates are much higher than those of traditional loans.

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Handle: RePEc:fip:l00100:102529
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File URL: https://fraser.stlouisfed.org/title/open-vault-9398/payday-loans-work-688050
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