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Payday Lenders Serve The Financially Inept

One of the fastest growing lending businesses in the country has been “payday lending”. Without the hassle of a credit check or application, a payday lender will give an employee a cash advance to carry him over to his next paycheck. There has been huge consumer demand for payday loans as reflected by the growth of payday storefronts to 25,000 today from zero in 1990. Convenient locations and quick easy cash entice consumers to take a one week loan on a $300 paycheck for a $50 fee.