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Principal payoff choice for sure brief-term loans: Under the proposal, shoppers could borrow a short-time period loan up to $500 with out the full-payment check as part of the principal payoff choice that is directly structured to keep consumers from being trapped in debt.
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Nonprofit microlenders are also grappling with a major trend in small-enterprise financing: the speedy rise of online lending.
Cons: Rates of interest are variable, which implies they may doubtless rise earlier than the loan is paid off.