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Scott Tucker, a payday lender in Kansas City, preyed on more than 4.5 million people, charging as much as 700 percent. One of his outfits was named.
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Warren offered payday loans as a key example of "a credit product that can impose substantial costs on imperfectly informed and imperfectly rational borrowers." Typically, she explained, you pay a $30 fee for a two-week cash advance.
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Scott Tucker, a payday lender in Kansas City, preyed on over 4.5 million people, charging as much as 700 percent. One of his outfits was named 500FastCash. A payday loan is an advance of cash to be paid. Not so fast. Cordray resigned.
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