Rep. Gary Elkins Payday Loan Biz Faces Prosecutions

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Terms and situations apply. He says he thinks the trade is reacting to the probability of the federal Consumer Monetary Protection Bureau coming down arduous" on single-fee payday loans, which consumers often roll over" after two weeks once they find they cannot repay the mortgage, locking them into a cycle of debt. Cash America and different payday lending corporations promote closely on street corners in low-income neighborhoods and supply simple money on the Web to borrowers in financial disaster.

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