Payday loans are short term loans with high interest rates.
Well, they're supposed to be short term loans. However, some people keep them around for a long time; they may end up paying thousands of dollars for an $800 loan.
The Planet Money team spoke with payday lenders and economists to shine a light on payday loans. Listen to their show and learn more about how the loans are supposed to work - and how most customers actually use them.
Further reading:
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