Payday loans, text message loans, telephone loans, online loans or short-term loans are different names for what is essentially the same product. Despite these caveats, our results provide new evidence on important questions of payday loan policy. Most importantly, they suggest that the issue of payday loans cannot be addressed in isolation without considering the availability and desirability of other forms of high-interest credit. Whether payday loans are good or bad, our analysis shows that it is important to determine whether they are better or worse than the available alternatives. If policy makers conclude that payday loans are better than the available alternatives, restricting access to them (while not regulating other potential substitutes) may be counterproductive.In this case, you will be able to send money back without paying any additional fees. In case of informing us about your decision later, there is no opportunity to change anything. That's why think twice before taking a decision to use payday loans in order to be able to repay your loan on time, sure without taking into account some unexpected emergency that may arise when you don't expect it.
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