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Thread: Why are payday loan interest rates so high?

  1. #1
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    Mar 2018
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    Canada
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    Why are payday loan interest rates so high?

    Why are payday loan interest rates so high?

  2. #2
    Member
    Join Date
    Mar 2018
    Location
    United States
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    72
    Payday loans are available for everyone. This means anyone with a bad credit rating can still have one. However, when a lender is loaning money to everyone, there is a higher risk of people not being able to pay the loans back. They may charge more when this happens, but they will have additional administration costs to collect the money. They will also not have so much money available to lend to others. The debt may never be paid either and so they run the risk of never having the money they have lent returned to them. This means that they have to charge all of their customers extra money, so that they are sure that they will make enough money to cover all of their costs and have enough left to continue lending to other people. If you want to find good service with small intereste rate I recommend to apply here.

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