Many of the tens of millions of Americans shopping for deals today have decided to spend more than they can afford. According to the National Retail Federation, holiday spending is projected to top $1 trillion for the first time, with the average person planning to spend about $890.

As many as 66 percent of Americans expect to borrow for holiday shopping, and about a quarter anticipate taking on $900 or more in holiday debt. Many holiday borrowers will carry that debt for months on credit cards and buy now/pay later plans—and, for the most vulnerable, payday loans.

For payday lenders, this holiday season promises to be different: many have deployed AI to speed up approvals and improve targeting. And some of their customers have had their precarious finances damaged by the longest gover

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