You’ve seen them — everywhere! — and often clustered together, as if central planners across America decided that what every city really needs is a Mattress District. There are now dozens of online rivals too. Why are there so many stores selling something we buy so rarely?
Critics — including President Obama — say short-term, high-interest loans are predatory, trapping borrowers in a cycle of debt. But some economists see them as a useful financial instrument for people who need them. As the Consumer Financial Protection Bureau promotes new regulation, we ask: who’s right?
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