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"Payday loans are marketed as an appealing short-term alternative, but that will not reflect truth. Spending them off in only two weeks is unaffordable for some borrowers, who become indebted long-term," Nick Bourke, Pew's specialist on small-dollar loans, stated in a prepared statement.
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The Neighborhood Financial Services Association of America, an organization representing payday lenders, countered that the Pew report lacked context. "Short-term credit products and services are an essential financial instrument for individuals who want funds to cover for an urgent expense or manage a deficiency between paychecks," the organization said in a statement. "In our present economy and constricted credit market," the assertion continued, "it is important that customers possess the credit options they need to manage their financial challenges." The typical fee charged by association members, the declaration said, is $10 to $15 per $100 borrowed.