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Borrowers that are considering a cash advance should be alert to the potential consequences of default, including legal action and wage garnishment. Some payday lenders may need borrowers to deliver collateral or a co-signer in order to secure the loan, which may make it difficult for some borrowers to qualify. Bankruptcy is really a legal procedure that can eliminate most unsecured debts, including payday loans, although it can have serious consequences to the borrower’s credit history and financial future. Borrowers who are considering a cash advance should be mindful of the potential consequences of default, including legal action, wage garnishment, and damage with their credit score. Borrowers who are considering a cash advance should carefully review their budget and be sure that they’re able to afford to repay the borrowed funds on time. Borrowers who are struggling to repay a payday advance should contact their lender immediately to talk about alternative repayment options, like a repayment plan or debt negotiation. Borrowers who are considering a payday advance should be aware of the potential consequences of default, including law suit and damage on their credit score. Borrowers who are struggling to qualify for a traditional loan or bank card may still be capable of access other kinds of credit, say for example a secured charge card or a credit builder loan. Some lenders may offer pay day loans to borrowers with a medical history of bad credit, although these refinancing options may come with higher interest rates and more stringent repayment terms.

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