While the research on payday loans is limited, existing data suggests that

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Existing data on payday loans indicate that a significant portion of borrowers end up rolling over their principal multiple times, which means they are unable to repay the loan in full when it's due and must take out additional loans to cover the original loan. This contrasts with the notion that these loans are easily repaid or that their interest rates are competitive with less predatory forms of credit.

While the Research on Payday Loans Is Limited, Existing Data