During an emergency cash crunch you may be forced to consider taking out a payday loan. Loans such as this can be helpful when unforeseen needs arise. However, the interest and fees on these loans is extremely high and can mount up quickly. Before applying for a payday loan it is good to know just a little about them.
Interest rates - Interest rates on payday loans may not always be obvious. They are sometimes referred to as fees and not broken down by how much the actual interest may be over the life of the loan. Some annual percentage rates (APR) can climb to a staggering 700% or more.
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