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More than half also said they would pawn something or borrow from friends and family. However, most users did not say they would use credit cards or take out bank loans possibly because many dont have good enough credit to qualify. Dangers of Payday Loans.
The most obvious problem with payday loans is their extremely high interest rates. The fee for a payday loan can be anywhere from 10 to 30 per 100 borrowed, which works out to an annual interest rate of 261 to 782. But these loans also have other dangers that are less obvious. These dangers include: Renewal Fees. When borrowers cant pay back a payday loan on time, they either renew the loan or take out a new one.
So even though they keep making payments on their loans, the amount they owe never gets any smaller.
Representative 18. 23 APR. ARE THERE ANY FEES. Our services will always be provided free of charge, but that is not to say that the lender will give you a loan for free.
Your lender will charge you fees andor interest and must provide you with full disclosure of their loan terms upon approval. It is then your responsibility to read through the terms before signing your loan agreement.