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No credit? No collateral? No problem

By Alec Schierenbeck 8/6/08

In strip malls across the country, under signs with phrases like “Fast Cash” and “EZ Money,” nearly anyone with a pay stub, a bank statement and a photo ID can take out a high-interest cash loan in a matter of minutes, without collateral and with few questions asked. Called payday loans, these small cash payments made in anticipation of a payday have spawned a $59 billion-a-year industry nationwide.

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