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The biggest risk when taking out a payday loan is that you wont be able to pay when its due. Because the interest rates are so high (usually youll be charged 10-30 for every 100 borrowed) (3) it makes it difficult for most people to pay it off on time.
This will lead personal loans with no credit rollover, which means extending the loan and paying an additional fee to do so. (4) Most payday lenders rely on the fact that their customers wont be able to pay back the money.
They profit from customers that cant pay off the loan. According to this LA Times article …22 of borrowers renewed their loans at least six times, leading to total fees that amounted to more than the initial loans. (5) Personal Installment Loans in Los Angeles Longer terms, affordable rates and flexible payments. A personal installment loan may be the answer youre looking for in Los Angeles. With a personal installment loan you can get a fair interest rate, longer terms, and flexible payments that meet your needs.
If you need cash quickly, consider a personal installment loan with OppLoans.
All credit types welcome. Fast Funding. Accept and get funds. How our loans work. You apply online. Its easy to apply for a cash loan online. You can use your computer, smartphone or tablet.