What Are Payday Loans?
Payday loans are fast cash loans which can be very expensive. Quick payday loans need to be repaid in full on your next pay day plus interest. Although there are low interest payday loans available, all still require you to repay quite a bit more than you borrow.
The payday loan industry is booming due to the high credit card debt in our society. A fast cash advance payday loan seems attractive to people until they realize just how expensive it can end up.
Payday loan cash advances can incur interest rates in the triple digits and these need to be paid in full on your next date of pay. People then get caught up in reborrowing over and over again leading to a downward spiral of debt.
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