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How to Protect Yourself From Payday Loan Scams

 

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Payday loans are normally availed by the salaried people who have no money left at the end of the month to meet their expenses. These are small, unsecured and short term loans availed to get through the month until borrowers receive their next salary. The interest charged on these loans are as high as 30-50%. Normally, these loans have to be repaid within 7 to 60 days. If you do not pay these loans on time, you will be charged huge penalties and additional costs. So, there are high chances of falling into a debt trap. Watch this video to know how to protect yourself from Payday loan scams. 

 
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