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Consumer Affairs

Payday & Title Loans

Consumers who borrow money from so-called "payday lenders" end up paying $4.2 billion in excessive fees, the Center for Responsible Lending estimates.

The group's study finds that across the nation payday borrowers are paying more in interest, at annual rates of 400 percent, than the amount of the loan they originally borrowed. "Americans who think they're getting a two-week loan and end up trapped in debt," the report says.

This is an understatement, judging by the complaints we've received.


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