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Undergraduate Research Journal

Abstract

Numerous industries face the problem of reaching a delicate balance between satisfying industry interests and consumer interests. Frequently, one question that emerges is; how can an industry profit while still promoting the interests of consumers? This question is extremely relevant to the payday loan industry. This comprehensive analysis of payday lending is based on the acts of distinguishing characteristics of payday loans, identifying lenders and borrowers, clarifying evolving legal requirements, and analyzing reasons of support and opposition for payday lending. Based on this comprehensive analysis, recommendations for the future of the payday lending industry are presented and additional research topics will be discussed.

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