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      6 reasons to avoid payday loans Payday loans are incredibly expensive. Your most expensive credit card may have an interest rate of 28 percent or 36 percent - tops. ... You can get stuck in a repeat cycle. Some of the more reputable short-term lending operations try to prevent this by maintaining a database of customers to help prevent ... Debt grows fast at these rates. ... More items...


    • Can you get payday loan without bank account?

      Getting a loan without a bank account is not impossible, but the lack of a savings or checking account rules out loans from most traditional lending institutions like credit unions and banks.


    • What you should know about payday loans?

      Payday loans are small, short-term cash loans. There is no credit check and no collateral is required to secure the loan. You usually receive the funds the next day. To get a payday loan, you write a personal check to the lender for the amount you are borrowing plus any fees.


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      Payday loans are often available to people who do not have a good credit rating. They are operated by private businesses that are not regulated by the government. Generally, lenders ask for a pay stub, a bill in your name and proof of a chequing account.


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