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This week on need to find out, we glance at the realm of payday lending and a ballot effort in Missouri that looks to cap the attention on these kind of subprime loans.
Here, weвЂ™ve highlighted five things you need to know about payday financing.
1. What exactly are вЂpayday loans?вЂ™
Payday advances are a kind of subprime financing where an individual (usually without usage of credit) borrows against a future paycheck, typically in smaller amounts and over a brief period of the time. (more…)