kimlocquiao1819
kimlocquiao1819 kimlocquiao1819
  • 24-09-2021
  • Mathematics
contestada

Why are payday loans such a profitable business?

Respuesta :

jdschaapman09 jdschaapman09
  • 24-09-2021

Answer:

payday lenders make most of their profits from borrowers who cannot pay off their loans, and instead renew them repeatedly, quickly paying more in fees than they originally borrowed.

Step-by-step explanation:

So when someone asks for a loan the Payday people make more off of the borrowed money because they renew it and get more money than what was originally asked or borrowed.

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