Regulate Predatory Small-Dollar Lending
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- Well Being In the Nation Network
Nearly 20 million Americans use payday loans, which are unregulated, small-dollar loans that people take out in advance of receiving a paycheck. These loans often have very high interest rates and penalties for late payments. Payday loans can trap people in a cycle of debt. People of color are more likely to take out a payday loan than White people and are often targeted by payday loan lenders.