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Since it is a high interest rate loan, it is important that you pay it back as soon as possible to make sure the interest does not escalate into something that you may not be able to manage and payback. This is the simple reason why lenders do not want to give you much time to payback. If they start giving loans for such a long time with high interest rates running 500%+, we bet no one will ever pay them back. They will be out of business sooner or later. payday loan henderson Here's how the average credit scores break out by age : There are various different types of online loans which a person can apply for. The main types of loans are secured and unsecured loans. With secured loans, if the loan is not repaid in time, the lender has the right to sell the asset given as collateral by the borrower. With regard to unsecured loans, there is no basic collateral offered by the borrower to the lender. They may provide word of mouth or signature and in some cases even a cheque for the amount, however there is no guarantee that these loans would be repaid in time if at all. Due to this, the interest rate on such loans is very high.
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