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https://freedomcashlenders247.com/When you’re short on cash in between paychecks or have an unexpected financial emergency, a payday loan can be a tempting option to help make ends meet or access money quickly. However, these short-term loans, which are typically due on your next payday, are extremely risky. They come with very steep interest rates and other fees. The interest rate on payday loans across the United States ranges from 114 percent to as high as 652 percent.
Equally troubling, payday loans are often marketed to those who can least afford them — individuals earning less than $40,000 annually. While this type of lending is advertised as a short-term loan, payday loans can create a cycle of debt that’s difficult to break free from.