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Costs and Considerations
While urgent loans can be a lifesaver, it's important to be aware of the costs involved. Interest rates and fees can vary significantly between lenders, so it's crucial to compare options and read the fine print. For example, payday loans often have APRs exceeding 400%, while personal loans might offer rates as low as 5% depending on your credit score1. Additionally, some lenders may charge origination fees, late payment fees, or prepayment penalties, which can increase the overall cost of the loan.
Before committing to a loan, consider your ability to repay it. Defaulting on a loan can lead to severe financial consequences, including damaged credit scores and additional fees. To mitigate risks, ensure you have a clear repayment plan in place and explore options that offer the best terms for your situation.