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"Payday loans are advertised as an attractive short-term option, but that will not reflect truth. Paying them off in only fourteen days is unaffordable for many debtors, who become indebted long-term," Nick Bourke, Pew's expert on small-dollar loans, mentioned in a prepared statement.
, USKBF
The Community Financial Services Association of America, friends representing payday lenders, countered that the Pew report lacked context. "Short-term credit products are an essential financial tool for persons who want funds to cover for an urgent cost or control a shortfall between paydays," the organization stated in a statement. "In our current economy and constricted credit marketplace," the declaration continued, "it is important that consumers have the credit options they require to deal with their fiscal difficulties." The normal fee billed by association members, the declaration stated, is $10 to $15 per $100 borrowed.