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Borrowers must be cautious of payday lenders who make promises that seem too good to be real, like guaranteed approval or instant cash. The high interest rates on payday advances make them an extremely expensive kind of borrowing. Some payday lenders might require borrowers to offer a copy of these lease agreement and other proof of rental history as a way to approve the credit. Payday online installment loans no credit check instant approval canada could possibly be more expensive for borrowers who are unable to supply collateral or possibly a co-signer, as lenders may view them being a higher risk for default. Borrowers who will be considering a payday loan should be aware of the potential consequences of default, including a lawsuit and damage on their credit score. Borrowers also needs to be conscious of their rights under state and federal consumer protection laws, which can provide additional protections against predatory lending practices. Debt relief organizations may be able to help borrowers reduce or eliminate their payday loan debt, but they may charge fees for his or her services. Borrowers should look into the long-term consequences of a payday advance before accepting it, like the potential impact on their credit history and financial well-being. Payday loans could possibly be more expensive for borrowers who’ve no other options for accessing credit, like credit cards or unsecured loans.