However, lenders used those other sections of law to avoid the cap. While the typical loan is technically two weeks, in the majority of cases the borrower ends up in a cycle of loans for several months. They registered as mortgage lenders instead. Consumer advocates are collecting signatures to put similar language before voters on the ballot, likely in Sixty-nine percent of first time borrowers use the loan for recurring bills including rent or utilities while just 16 percent deal with an unexpected expense such as a car repair.
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