Payday loans, an emergency cash solution, are being availed by people for paying for their living expenses. A Tulsa based Community research center reveals that spread of payday loans has resulted in the avoidable habit of chronic borrowing. Despite statutory limitations, payday loans companies operate 415 outlets. People treat payday loans as if they are similar to credit cards and end up getting stuck in debts. This phenomenon is alarming because such people will soon be forced to fallback on public funds owing to their addiction to payday loans.
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