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DETROIT – Payday loans paid off in installments rather in one lump sum are significantly less expensive for consumers, carry less rollover for borrowers, and result in a smaller payday loan industry, according to a researcher with the Pew Charitable Trusts.

Alex Horowitz, research manager for small dollar loans at the organization, shared some of the research he had conducted into payday lending, lenders and their customers with attendees of the National Federation of Community Development Credit Union’s 40th annual conference on May 16 in Detroit.

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