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The amount of the loan is commonly based around the borrower’s income and ability to repay the borrowed funds. The high interest rates on pay day loans can make it hard for borrowers to repay the loan on time and may lead to a cycle of debt. Payday loans may be more expensive for borrowers who may have no refusal payday loans canada other assets or collateral to secure the credit. The application process for any payday loan is usually quick and easy, with approval typically being granted within minutes. Some payday lenders may necessitate borrowers to deliver a copy of the lease or any other proof of residency to be able to approve the credit. Some payday lenders might require borrowers to supply a copy of their professional license and other proof of occupation in order to approve the loan. Borrowers who’re considering a payday advance should be conscious of the potential effect on their credit score and financial well-being. Borrowers who are considering a payday loan should be conscious of the potential consequences of default, including a lawsuit and wage garnishment. Some payday lenders advertise themselves rather than traditional loan companies, but they are not subject to the same regulations and oversight as banks and credit unions.