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Some payday lenders may need borrowers to offer a copy of these lease or another proof of residency as a way to approve the money. Payday loans may be more expensive for borrowers who may have no other options for accessing credit, for example traditional loans from banks or personal lines of credit. Payday lenders often require borrowers to provide post-dated checks or authorize electronic withdrawals off their bank accounts to secure the credit. Some employers may offer salary advances or other styles of emergency help employees in financial need. Personal loans and credit cards may have lower rates and more favorable repayment terms than pay day guaranteed approval loans for poor credit canada. Payday loans may be more expensive for borrowers that have no other assets or collateral to secure the loan. Borrowers ought to be prepared to supply this documentation so that you can qualify to get a payday loan. Payday loans might be more expensive for borrowers who've no other way to obtain income, like social security or disability benefits. Borrowers who are considering a payday advance should be alert to the potential consequences of default, including law suit and damage on their credit score. Borrowers that are considering a pay day loan should be aware that the credit may not be reported to credit reporting agencies, which means it may not enable them to build or enhance their credit.

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