In recent years, payday loans companies have made a fortune as their financial products became more popular. This was due to the recession and the lack of financial education around the world, especially in the US and UK. People who failed to plan for emergencies or simply had no savings left turned to payday cash loans; in most cases coming with a huge burden of massive interest rates. Although these products are designed for short term, some of the payday loan interest rates are over a thousand percent a year; making easy money for the companies offering them. The increasing regulation has now made companies disclose all charges and interest rates before customers sign the agreement, still there are a few things to be aware of when shopping around for cash loans.
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