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Personal loans and charge cards may have lower interest rates and more favorable repayment terms than pay day loans. Borrowers who are considering a cash advance should be mindful of the potential consequences of default, including law suit, wage garnishment, and damage for their credit score. Payday loans might be more expensive for borrowers who may have no other kinds of credit, as lenders may view them being a higher risk for default. Payday loans might be more expensive for borrowers who’ve no other options for covering funeral expenses or other end-of-life costs. Payday loans may be more expensive for borrowers who live in states with fewer regulations or restrictions on payday lending. Payday loans may be more expensive for borrowers who have no other source of income besides their job or business. Debt consolidation involves combining multiple debts right into a single, more manageable loan using a lower interest rate plus much more favorable repayment terms. Payday loans are generally small loans, starting from $100 to $1,500. payday loans toronto loans could possibly be more expensive for borrowers who’ve no other way to obtain income besides their job or business.