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A mass-market consumer financial industry was emerging by the middle of the 20th century.

One hundred years back, when a mass marketplace for credit rating would not yet exist, underground purveyors of credit rating started initially to emerge, and a number of dilemmas ensued. ???Salary lenders??? offered loans that are one-week yearly portion prices (APRs) of 120 % to 500 per cent, which are comparable to those charged by payday loan providers today .[i] To cause payment, these unlawful lenders utilized wage garnishment, general public embarrassment or ???bawling out,??? extortion and, especially, the danger of task loss. [ii]