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Payday loans are commonly used to pay for essential expenses. Statistics show that 58% of borrowers struggle with basic monthly expenses. Rent and utilities are two common reasons people turn to payday loans. Because they're relatively easy to obtain, payday loans are popular among those who need money fast. However, most borrowers can't afford to repay their loans and end up renewing the loan or borrowing again. Payday loans are a common option for short-term cash problems, but the terms and conditions can be harsh. The interest rates can be high, and borrowers may experience multiple missed payments. The repayment terms vary by state. Most borrowers are required to pay their loans back within a week or two after receiving their next paycheck. In addition, there is a high risk of bankruptcy with payday loans. There are various ways to avoid these risks and make them less of a hassle when you opt for payday loans near me.