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Payday Lending in Texas

For both single-payment and installment loans, charges and refinances account fully for two-thirds associated with the income associated with the payday financing industry in 2015 (Chart 1). Single-payment loan borrowers typically had greater trouble repaying their loans, which led to over fifty percent for this category’s income stemming from refinances. Conversely, as a result of costs that are high with installment loans in Texas, a lot of the income in this loan category had been from charges charged by loan providers. Continue reading