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Payday loans might have serious consequences for borrowers who are struggling to repay the loan, including damaged fico scores, wage garnishment, and even legal action. If the borrower cannot repay the credit on time, the lending company may cash the post-dated check or initiate an electronic digital withdrawal, potentially causing overdraft fees and other financial difficulties for that borrower. Borrowers who are struggling with pay day loan debt should seek aid from a credit counselor and other financial advisor, who are able to help them create a plan to have out of debt and rebuild their credit. Payday loans might be more expensive for borrowers that have a history of bounced checks or other financial problems, as lenders may view them as a higher risk for default. Borrowers who are considering a payday loan should be alert to the potential impact on their credit standing and financial well-being, and should only borrow what they can afford to repay. Borrowers who will be struggling with pay day loan debt should seek the help of a credit counselor and other financial advisor, who is able to help them create a plan to obtain out of debt and rebuild their credit. Borrowers that are considering an installment loan should carefully review the conditions and terms of the credit, such as interest rate and repayment schedule. Payday loans can be an extremely expensive method to borrow money, and borrowers should think about other options, such as personal loans or credit cards, prior to taking out a payday advance. Borrowers should also consider the potential consequences of being unable to repay the borrowed funds, including damage for their credit score and potential law suit. Payday loans could possibly be more expensive for borrowers who may have no other available choices for covering entertainment expenses and other leisure costs.
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