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Payday lenders targeting low-income people are nothing new. Short-term, high-interest loans which are often intended for minorities in rural areas, have the potential to create a spiral of debt from which many find it difficult to break free. In 2018, for example, more than 33,000 payday loans were taken out each week in Alabama, according …

The number of overdue payday loans in Russia hit a record 5.4 million in February, according to credit rating agency Equifax. In total, Russians owe 172 billion rubles ($2.2 billion) to microfinance organizations – very short-term loans that usually come with high interest rates and are designed to keep borrowers going for a few weeks. …