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Borrowers who’re considering a payday loan should be alert to the potential affect their credit standing and financial well-being. The high interest rates on payday loans can make it a hardship on borrowers to repay the money on time and may lead to some cycle of debt. Borrowers who will be considering a payday loan should be mindful of the potential consequences of default, including a lawsuit and wage garnishment. Payday instant e transfer loans canada 24 7 could be more expensive for borrowers that have a history of bounced checks or any other banking problems. Payday loans most often have a term of a couple weeks to a month, even though some lenders may offer longer repayment terms. Borrowers must be cautious of debt relief scams, where fraudulent organizations promise to eliminate or reduce debt in exchange for upfront fees. Some lenders may offer payday advances to borrowers with a history of bad credit, although these financing options may come with higher rates and more stringent repayment terms. Some payday lenders may need borrowers to supply a copy of their passport and other government-issued identification as a way to approve the loan. Some payday lenders may offer installment loans, which allow borrowers to repay the money over a long time.