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Payday loans might be more expensive for borrowers who may have no other options for covering pet expenses or any other animal-related costs. Payday loans could be more expensive for borrowers that have no other choices for covering entertainment expenses or another leisure costs. Payday loans might be more expensive for borrowers who’ve no other available choices for accessing credit, like a home equity personal line of credit or personal loan. Debt consolidation involves combining multiple debts right into a single, more manageable loan having a lower interest rate and more favorable repayment terms. Payday loans in many cases are criticized when deciding to take advantage of vulnerable those who are in desperate need for cash. Payday loans could be more expensive for borrowers who’ve no other styles of credit, as lenders may view them as being a higher risk for default. The rates on payday loans are generally very high, with APRs (interest rates) starting from 300% to 500% or more. Borrowers that are considering a pay day loan should be aware of the potential influence on their credit score and financial well-being, and may only borrow what they can afford to pay back. Payday loans are not a solution to long-term financial problems and should only be used like a last resort.