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A little known loophole is letting some payday loan companies dodge state laws and charge interest rates much higher than the states would otherwise allow, a CNBC investigation has found.A payday loan (also called a payday advance, salary loan, payroll loan, small dollar loan, short term, or cash advance loan) is a small, short-term unsecured Payday advance loans rely on the consumer having previous payroll and employment records. Legislation regarding payday loans varies widely.
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