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Today’s Money: The pitfalls of payday loans

It may be a fast solution for those in need of extra cash, but a payday loan isn’t without its pitfalls. The interest rates can be as high as 600%, and studies have shown that the average payday borrower takes out nine different payday loans over the course of a year, so this interest rate, plus additional fees, can add up. For more information on these tricky loans, check out the video clip below.


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