Many people who rely on payday loans are often in desperate need of cash, making them more likely to agree to astronomical interest rates and hefty fees for late payments. But, more often than not, payday loan terms are not clearly explained upfront, if at all. Payday loans end up putting more strain on those who are already struggling financially, including people who have already depleted their resources due to extended unemployment, illness, or emergency, as well as members of the military and their families, who are often targeted by short-term lenders.
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