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If you accept these terms, the lender will deposit money directly into your bank account as quickly as the next business day.
The problem with these loans is that the interest rates are extremely high, which online payday loans for poor credit it difficult to pay them back on time.
In a Dayton Daily News article, Tim Brandon, a spokesman for Graceworks Lutheran Services Consumer Credit Counseling Service says …the combination of high interest rates and low incomes of most payday borrowers can quickly lead to a cycle of debt thats worse than the financial problems that led them to seek out a loan in the first place.
The article also states that there are 836 payday loan storefronts is there interest on cash advances Ohio that generate more than 500 million in fees every year by charging annual rates of over 300. (2) Needless to say, this is a very expensive and dangerous way to get cash in Dayton.
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