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If you have considered all benefits, you may think that internet loans are perfect. However, everything has both positive and negative side. Let’s consider possible cons of online payday loans. First of all, you are recommended to calculate the cost of this loan as it has the high annual percentage rate, which is up to %350. Taking into account that payday loan is a short-term loan, you won’t overpay too much if repay the borrowed amount of money within one or two weeks. Many borrowers think that this repayment period will be enough for them and overestimate their opportunities, which lead to the need to use loans online. You should keep in mind that it is not desirable to extend a payday loan as you may fall into debts paying much larger amount of money than you have borrowed even.

There is a risk borrowing money from the dishonest lender as nowadays a lot of direct lenders and mediators.

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