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These loans are normally used by individuals who need cash quickly and do not have access to other kinds of credit. Some states have implemented stricter regulations on payday lending, in order to protect consumers from predatory practices and excessive fees. Some states have implemented stricter regulations on payday lending, in order to shield consumers from predatory practices and excessive fees. Community organizations and non-profits could also offer help with rent, utilities, along with other essential expenses. The quantity of the loan is normally based around the borrower’s income and capability to repay the money. Payday loans may be more expensive for borrowers that have a history of high debt-to-income ratios and other financial difficulties. Some payday lenders may offer installment loans, that allow borrowers to repay the loan over a extended period of time. Some payday lenders may offer loans to borrowers without any income verification, but these refinancing options may come with very high rates of interest and fees. Some payday lenders may need borrowers to supply a copy of their social security card or other proof of identity in order to approve the credit. Payday loans might be more expensive for borrowers who may have a reputation high debt-to-income ratios or other financial difficulties.
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