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Some states have implemented caps for the amount of interest that payday lenders can charge, in order to shield consumers from excessive fees and rates. Borrowers who are considering a cash advance should be conscious of the potential impact on their credit score and financial well-being, and should only borrow what they are able to afford to settle. Payday loans might be more expensive for borrowers who may have no other available choices for accessing credit, for example traditional loans from banks or credit lines. Payday loans may be more expensive for borrowers who may have a good reputation for high debt-to-income ratios and other financial difficulties. Some payday loans online canada lenders may require borrowers to provide references or contact information for employer and other sources of income. Borrowers that are considering a pay day loan should be alert to the potential consequences of default, including legal action and damage on their credit score. Borrowers who will be considering a pay day loan should be mindful of the potential consequences of default, including law suit and commercial collection agency efforts. Some payday lenders may necessitate borrowers to provide a copy of their lease agreement and other proof of rental history as a way to approve the money. Some payday lenders may offer loans to borrowers without any credit check or minimal documentation, but these financing options may come with very high rates of interest and fees. Some payday lenders might require borrowers to supply a copy of these professional license or any other proof of occupation in order to approve the borrowed funds.
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