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"Payday loans are marketed as an appealing short-term option, but that does not reveal reality. Paying them off in only fourteen days is unaffordable for some borrowers, who become indebted long-term," Nick Bourke, Pew's specialist on small-dollar loans, stated in a prepared statement.
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The Neighborhood Financial Services Association of America, a group representing payday lenders, countered that the Pew report lacked context. "Short-term credit items are an essential fiscal instrument for individuals who want funds to pay for an unexpected cost or manage a deficiency between paychecks," the association said in a statement. "In our current market and constricted credit market," the statement continued, "it is important that customers possess the credit choices they require to deal with their financial problems." The normal fee charged by association associates, the statement mentioned, is $10 to $15 per $100 borrowed.