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Debt consolidation involves combining multiple debts in a single, more manageable loan using a lower interest rate and much more favorable repayment terms. Borrowers who are struggling to repay a payday advance may be susceptible to additional fees and penalties, which can increase the cost of the borrowed funds. Some payday lenders may necessitate borrowers to supply a copy of their social security card or another proof of identity to be able to approve the credit. Some payday lenders may need borrowers to supply a copy of their military ID or another proof of service in order to approve the loan. Payday loans might be more expensive for borrowers who live in low-income neighborhoods, because they areas may be targeted by payday lenders. The amount of the loan is commonly based for the borrower’s income and power to repay the borrowed funds. Some payday lenders might require borrowers to deliver a copy of their social security card and other proof of identity as a way to approve the borrowed funds. Payday loans might be more expensive for borrowers who’ve no credit history or perhaps a limited credit rating, as lenders may view them as a higher risk for default. Payday loans are often criticized when deciding to take advantage of vulnerable people who are in desperate demand for cash.