The question is whether that something will be just as bad.
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For years, the word most closely associated with payday loans has been “predatory.” These loans have been derided not just for how expensive they are, or how they tend to push borrowers into a series of recurring loans, but also because of who they target: poor and minority consumers who have few other banking options. New regulations released by the Consumer Financial Protection Bureau this month will seriously curb the supply of the most dangerous and well-known versions of payday loans: small in amount, high in fees, with repayment periods of only a few weeks.