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The CFPB finds payday and deposit advance loans can trap consumers in debt

5/1/2013

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WASHINGTON, D.C. —Today, the Consumer Financial Protection Bureau (CFPB) issued a report on payday and deposit advance loans finding that for many consumers these products lead to a cycle of indebtedness. Loose lending standards, high costs, and risky loan structures may contribute to the sustained use of these products which can trap borrowers in debt.

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