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Understanding Payday Loans: Costs, Risks & Alternatives
Payday loans are small, short‑term cash advances marketed as easy fixes for urgent expenses. These high‑cost loans must typically be repaid by your next payday, and they often come with interest rates equivalent to annual percentage rates (APRs) of 300‑400% or more, according to consumer advocates【887209208849182†L121-L159】. This article explains how payday loans work, why they