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"Payday loans are promoted as an appealing short-term option, but that will not reflect truth. Spending them off in just fourteen days is unaffordable for some borrowers, who become indebted long-term," Nick Bourke, Pew's specialist on small-dollar loans, said in a prepared statement.
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The Community Economic Providers Association of America, friends representing payday lenders, countered that the Pew report lacked context. "Short-term credit goods are an important financial instrument for persons who want funds to pay for an urgent expense or handle a shortfall between paychecks," the association stated in a statement. "In our present market and constricted credit marketplace," the declaration continued, "it is critical that consumers have the credit choices they need to manage their financial challenges." The normal fee charged by association members, the statement stated, is $10 to $15 per $100 borrowed.