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Pay day loan and pawnshop use: the effect of enabling cash advance rollovers

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Scores of US households depend on payday loans and pawnshops for short-term credit. Cash advance interest levels are because high as 25% per 2- to 4-week loans and folks work with a post-dated check to secure the mortgage. Pawnshop use can be obtained for anybody with security. This article examines whether individuals utilizing pay day loans in states where rollovers are permitted are more inclined to additionally make use of pawnshops as well as payday advances.