Payday loans are granted at a high-interest rate and are considered the trapping of the borrower.
A payday loan is given as a loan granted to the borrower at the high-interest rates based on the income of the borrower. These loans are granted for a short period of time.
With the use of these loans by the lender to make high profits over the loan, the payday loans are considered as the trapping cycle that results in endless debt.
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