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In the installment context, refinancing refers to the lender extinguishing the existing loan and may include providing additional funds to the borrower, having the effect of allowing the borrower to skip a payment or reducing the total cost of credit relative to the outstanding loan.
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They may not be able to stop the payment to the payday loan company if they This is a payment method often used by payday loan companies.
The Bureau believes that the proposed refund requirement would be sufficient to prevent abuse under proposed § 1041.
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ZIP codes near Brooklyn Center
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