How Payday Loans Work

Kaitlyn Hoevelmann

Open Vault from Federal Reserve Bank of St. Louis

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.

Date: 2019-07-30
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Persistent link: https://EconPapers.repec.org/RePEc:fip:l00100:102529

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