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Cash advance and pawnshop use: the impact of enabling loan that is payday

Cash advance and pawnshop use: the impact of enabling loan that is payday

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Millions of US households count on pay day loans and pawnshops for short-term credit. Cash advance rates of interest are as high as 25% per 2- to 4-week loans and people work with a post-dated check to secure the mortgage. Pawnshop use can be obtained proper with security. This short article examines whether individuals payday that is using in states where rollovers are permitted are more inclined to additionally make use of pawnshops along with pay day loans.