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Payday Lenders Suffer Rare Attack of Honesty

In Arizona, a bill is had by the industry that could block minimum wage increases, because when individuals don’t have money, they want short-term loans.

Ross D. Franklin/AP Picture

Relating to numbers from Arizonans for Fair Lending, one in three state borrowers wind up extending their car name loan, making a period of financial obligation.

It might appear axiomatic, however it’s hardly ever stated out loud: companies that depend on bad people require the financial system to keep churning out the indegent to endure.