kanewilliamson024
Registered User
Registered:
7/25/2022 | posted: 7/25/2022 at 4:54:49 AM ET
Borrowers generally use payday loans, which have a short period and high interest rate, to pay for unforeseen needs. The loans normally have a short term of a few weeks and are for small sums of money. Payday lenders frequently promote that consumers can "revolve" their loans, which means they can obtain new loans to settle existing ones. Is this, however, actually the case? Payday lenders typically forbid borrowers from cycling their debts. Because the loans are short-term, the borrower will end up paying more in interest and fees if they keep taking out new loans to pay off the old ones. Read more here
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