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Payday loans could be more expensive for borrowers that have a good high debt-to-income ratios and other financial difficulties. Debt consolidation involves combining multiple debts in a single, more manageable loan with a lower interest rate plus more favorable repayment terms. Payday loans could possibly be more expensive for borrowers who may have a good bounced checks or other banking problems. Borrowers that are considering a payday loans online canada loan should be mindful of the potential consequences of default, including legal action and damage on their credit score. Payday loans might be more expensive for borrowers that have no other way to obtain income, as lenders may view them being a higher risk for default. The interest rates on payday loans are usually very high, with APRs (annual percentage rates) which range from 300% to 500% or more. Borrowers that are considering a pay day loan should be conscious of the potential consequences of default, including legal action and damage for their credit score. Some employers may offer salary advances or other styles of emergency be an aid to employees in financial need. Some payday lenders may offer installment loans, that allow borrowers to repay the money over a extended period of time.