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Economic Perspectives, Vol. 40, No. 2, 2016
How Did the Great Recession Affect Payday Loans?

This article answers two important questions: Did payday borrowing rise during the Great Recession? And did the use of payday loans expand beyond low-income borrowers to include more middle-income borrowers?

Federal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, Illinois 60604-1413, USA. Tel. (312) 322-5322

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