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Why do people consider payday loans as risk factor?

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  • Why do people consider payday loans as risk factor?

    When payday loans are beneficial then why people think twice to take up the loan?
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  • #2
    Payday loans are a type of personal loans with high interest. The loan must be cleared off soon if not the rate of interest will get high. It results in lowering the credit score. so people think or consider payday loans as a risk factor.
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    • #3
      Yes payday loans are considered as a risk factor because the interest on the loan will be higher. So if you delay your payments automatically the interest rate increases creating a burden on you.

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