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Unfortunately, quick payday loans are in many ways the reason that quick loans have such a bad reputation on the open market today. Fortunately, government legislation has decreased the risk associated with using a quick payday loan to tackle your debt. Unfortunately, it’s impossible for them to eliminate that debt completely.

If you live in any type of urban or suburban area you’re probably very familiar with the terms surrounding a quick payday loan. You walk into a payday lender carrying your most recent payslip and ask for a loan less than or equal to the amount of your paycheck (including interest). You write a postdated check for the date of your next payday, the lender gives you your money, and you use that money to pay for your car repair, medical bills or whatever emergency wouldn’t wait until next week.

These type of quick loans pose two major risks to borrowers. Unfortunately, taking out a payday loan often sends them into a spiral of debt where they are forced to continually extend the terms of their loan because they cannot pay back the loan and continue to eat.

With a larger APR the borrower often ends up paying more in interest than they borrowed in the first place. The second risk posed by payday loans is a continuous cycle of debt; the borrower pays off one loan but then has no money, so they take out another.and another.and another.

The bottom line is that, when used responsibly, quick loans are a great way to help make your debt manageable. The important thing is to remember to borrow with care, search for the best deal possible and never borrow more than you can reasonably expect to pay back before the loan becomes due.

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