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Why payday loan use is on the rise during the pandemic and how you can avoid it

Payday lenders targeting low-income people are nothing new. Short-term, high-interest loans which are often intended for minorities in rural areas, have the potential to create a spiral of debt from which many find it difficult to break free. In 2018, for example, more than 33,000 payday loans were taken out each week in Alabama, according […]

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Russia’s delinquent payday loan portfolio hits new record

The number of overdue payday loans in Russia hit a record 5.4 million in February, according to consumer credit rating agency Equifax. In total, Russians owe microfinance organizations 172 billion rubles ($ 2.2 billion) – very short-term loans that usually come with high interest rates and are designed to tide borrowers out for a few […]