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They charge a very high interest rate and you will ultimately end up paying back over three times the amount of money you initially borrowed.
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(i) A payment transfer initiated by a one-time electronic fund transfer within one business day after the lender obtains the consumer's authorization for the one-time electronic fund transfer.
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Payday Loan Direct Lender Only
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Assume that in connection with a covered longer-term loan, a consumer would owe on a particular date $25 in finance charges to the lender and $70 in principal.
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