Borrowers who work in public service jobs, such as education, may qualify for Public Service Loan Forgiveness. Difficulty could also arise if the borrower couldn't pay back the whole amount after the monthly loan came due. In the case of a $100 loan, the $25 fee was still owed along with a $10 payment toward principal, so with four renewals possible, the payments and interest rates quickly skyrocketed.A payday loan could damage your credit score and make it more difficult or expensive to apply for future financial products and services. Even if you pay back the loan in the agreed repayment period, a mortgage company may look unfavourably at someone with a payday loan on their credit record.
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