Pay day loans are controversial high-cost, short-term borrowing products, prohibited in several U.S. states.

Pay day loans are controversial high-cost, short-term borrowing products, prohibited in several U.S. states.

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But debates surrounding their advantages to consumers continue. We evaluate the consequences of payday advances on customers through the use of a distinctive information set including 99% of loans authorized in britain over a two-year duration matched to credit files.

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