A payday Loan Settlement can often stretch up to a borrowing of $5000 or even $10,000 or $20,000. Whether it is ethical for a lender to lend out these kinds of large amounts of loans, like a $5000 payday loan, is another question. Payday loans have huge interest rates, above annual rates of 300%, and are expected to be paid back very quickly often on the next pay day. If they are not paid back at the right time a charge or fee is added onto the borrowed amount and the loan is rolled over onto another two weeks. $5000 or more might be used for a loan secured …

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