The payday loan trap: don't get caught

Part of the problem stems from the fact that there's no control over who can get your information once you apply for an online payday loan. Banks and credit unions will generally require that you have an existing relationship in good standing with them. OppLoans—definitely a better option than taking out a costly cash advance. Not all loan requests are approved. In these and other situations, a sum of cash may be necessary. If you are considering a payday, look at other options that may be available.

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25 rows ·  · Payday loans can ruin your family's finances. Interest rates can top 1,%, and nearly half of borrowers default inside two years. Search the alternatives below, borrow from friends or family  · 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 $ borrowed, which works out to an annual interest rate of % to  · Payday loans can be tempting when you have limited financial resources, but consider the dangers of payday loans before signing on the dotted line. Read on to see five disadvantages of payday loans, and click here to learn the crucial questions to ask yourself when you’re deep in › GOBankingRates › Loans › Personal.

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