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Payday loans are short-term, high-interest loans that can trap borrowers in a cycle of debt. With exorbitant interest rates, often in triple digits, these loans exploit those in desperate financial situations. It's crucial to avoid payday loans and explore alternative financial solutions.
- Payday loans have extremely high-interest rates, sometimes exceeding 600%.
- Around 30 states lack reasonable interest rate caps on payday loans.
- Payday lenders target those in need of quick cash, often trapping them in a cycle of debt.
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