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The high interest levels on payday advances make them an extremely expensive way of borrowing. Some payday lenders may offer loans to borrowers without credit history, but these financing options may come with very high rates and fees. If the borrower cannot repay the loan on time, the lender may cash the post-dated check or initiate an electronic digital withdrawal, potentially causing overdraft fees or another financial difficulties for your borrower. Payday loans will often have a term of a couple weeks to a month, although some lenders may offer longer repayment terms. Payday loans might be more expensive for borrowers who may have no other available choices for covering travel expenses or any other short-term needs. Bankruptcy is really a legal process that can eliminate most unsecured debts, including payday cash advances, although it can have serious consequences for your borrower's credit history and financial future. Payday loans could possibly be more expensive for borrowers who have a good defaulting on loans or any other financial obligations. These loans are normally used by individuals who need cash quickly and don't have access to other forms of credit. Payday loans may be more expensive for borrowers who may have no other choices for covering taxes or another government fees.
