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High Interest Rates: Many payday loans include exorbitant rates of interest, which might make compensation challenging. Late funds can result in even higher monetary strain.
Debt Cycle: Borrowers who can't meet repayment deadlines may resort to taking out additional loans, perpetuating a cycle of debt that could be tough to break.
Lack of Regulation: Not all lenders function under the identical tips, and some could make use of predatory practices that exploit vulnerable borrowers.

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