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https://plain-green-loans-com-pro-mocode.b...code-quick.htmlPayday loans supply cash to nearly 12 million Americans in need and make credit available to Americans in 38 states. However, those loans can be devastating to someone’s finances for a few reasons:
Payday loans allow lenders direct access to checking accounts. When payments are due, the lender automatically withdraws the payment from the borrower’s account. However, should an account balance be too low to cover the withdrawal, consumers will face an overdraft fee from their bank and an additional fee from the payday lender.
Payday loans tend to be predatory. Obtaining a payday loan is easy. Borrowers only need to present ID, employment verification and checking account information. Payday lenders don’t review credit scores, which means they’re too often granted to individuals who cannot afford to repay them.
Payday loans tend to trap people in a cycle. People constantly strapped for cash can fall into a cycle of payday loans. When original loans are rolled over into new, larger loans under the same fee schedule, borrowers fall into trouble because of high interest and fees.
Payday loans are expensive. Interest and fees on payday loans are much, much higher than for installment loans or even credit cards.
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