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Payday loans are short-term financial products with high interest rates. These are often offered to borrowers with bad credit and can be used to cover unexpected expenses. However, borrowers should shop around for the best deals and understand their repayment terms.
Unlike conventional loans, Payday Loans New Orleans loans do not require extensive paperwork and usually have lower criteria for approval. This makes them easy to apply for.
Costs
The fees associated with payday loans can be astronomical. In fact, they often come with triple-digit interest rates. They can be so high that a loan of $300 for five months costs the borrower almost $500 in fees.
Obtaining a payday loan is deceptively easy. All that is typically required is a paycheck stub, an ID and a blank check from the borrower’s checking account, which can be cashed by the lender. Most stores that offer these loans also double as pawn shops.
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