There is a big difference between payday loans and normal personal loans. Many consider payday loans to be a predatory lending, because of their high fees. Still there are some borrowers who would never qualify for anything close to a personal loan usually due to bad credit problems. For such borrowers payday loans are about the only option and the high interest rate and fees charged by payday lenders are simply compensating for the risk of lending money to somebody with credit problems.
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Bear with me please
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