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Payday loans are short-term loans that are typically due on your next payday. Payday loans can have annual percentage rates (APRs) of up to 400% or higher, while the oh APR on a credit card cash advance is typically around 25% or higher. Borrowers should make sure they understand the loans interest rate, fees, and repayment schedule, and ensure that they can afford the monthly payments.

These loans are often marketed as a convenient alternative to traditional loans, but they can be risky and come with high fees and interest rates. Lower interest rates: Credit unions are non-profit financial institutions, which means they are not focused on maximizing profits. Using a secured credit card responsibly can help you build or rebuild your credit.