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Some payday lenders can also require borrowers to supply collateral, say for example a car title, to secure the borrowed funds. Borrowers should only borrow just as much as they can afford, and should not rely on bc payday loans online advances as a regular supply of credit. Some lenders may offer lower rates of interest or more favorable terms than others. The interest rates on payday loans are typically very high, with APRs (interest rates) ranging from 300% to 500% or even more. Borrowers that are considering a payday loan should be aware of the potential impact on their credit rating and financial well-being, and should only borrow what they are able to afford to. Some payday lenders may offer loans to borrowers with a low credit history, but these plans may come with very high rates of interest and fees. Payday loans may be more expensive for borrowers that have no other method to obtain income, as lenders may view them being a higher risk for default. Payday loans might be more expensive for borrowers who have no other choices for covering home repairs or any other household expenses. Some lenders may offer pay day loans with no credit assessment or minimal documentation, which can cause them to become particularly attractive to those who are in the hurry to obtain cash.

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