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The following are the ways you get into debt trap while taking Pay day Loans:
When applying for the payday loan pay special attention to the agreement. Rates range from 36% – 60% i.e 3-5% Per Month which are considered high, and failing to fulfill the repayment on time will consequence in doubling the interest for the next repayment schedule. You have 30 days maximum to pay back the loan with the interest, depending on your repayment plan.
People in debt are recommended not to use a payday loan as a debt consolidation loan because they will find themselves deeper in debt. Borrowers should pay extreme caution when dealing with online lenders due to fraud issues and reading the fine print is essential.
If you don’t have a fixed workplace or salary you will not get the payday loan no matter how much you beg and promise for it. If you don’t have a checking account you can’t write a check meaning you cannot secure the loan and the lender will not process your order.
If you need cash advance but don’t qualify for a payday loan for any reason, ask friends and family to lend you the money. Anyway a payday loan only supports small amounts of money therefore, asking your close ones shouldn’t be too difficult.
If you haven’t managed to get the cash you need, consider applying for an unsecured personal loan you might even find that time wasn’t so important after all.