Cephus
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And statistically 80% of those loans get rolled over well past the 14 days. CFPB Finds Four Out Of Five Payday Loans Are Rolled Over Or Renewed > Newsroom > Consumer Financial Protection Bureau
Those that utilize payday lenders routinely roll over loans and stay in debt as much as 11 months. Its not uncommon for their fees to exceed the amount borrowed. If we are going to allow payday lenders why not just say to hell with it and legalize loan sharks.
Then they're idiots. If you want to regulate and make that impossible, fine by me. However, you're looking at it entirely wrong. It isn't a single 24-week loan, it's 12 2-week loans. Each loan is separate and needs to be considered that way. It is blatantly dishonest to consider all of these the same loan and run them together, just because they happen consecutively.