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24hrs$ 1-payday-loans.com These statistics are similar in most other states. Which means the borrower pays $400 – $500 in loan fees on a $400 loan. This really is absurd usury and should be illegal as it is not helping anyone except the lender. It is predatory lending at best that just gets borrowers in deeper debt than before.”Some will say, that little man should have somewhere to go,” said state Rep. Eldridge Emory, “Butif he gets money this way, he’s just digging a dent deeper and deeper, and he isn’t going to get out.”Several states like North Carolina have currently banned this form of predatory lending.
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The actuality is that most of these borrowers cannot repay on time and so they are forced to pay the interest and take out another loan to pay for the principle. Plus they pay dearly for this. Currently the average borrower in South Carolina takes 10-15 loans to payoff their original loan amount.
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