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The fees and interest rates associated with these loans can be very high, and you may end up paying much more than you borrowed. 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.

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They can be a useful financial tool for small businesses, as they can provide a source of funds to cover operating costs or invest in growth. Research payday loan lenders: Look for a lender that is licensed to operate in your state and has a good reputation.