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What are pay day loans? Do payday loans serve a socially useful function? The fee for a average payday loan of approximately $375 is $55

What are pay day loans? Do payday loans serve a socially useful function? The fee for a average payday loan of approximately $375 is $55 per two weeks. What is the APR and the EAR of this payday loan? Explain and discuss its implications for society. What alternatives you can suggest to payday loans?

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