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Payday loans could possibly be more expensive for borrowers who may have a good high debt-to-income ratios or any other financial difficulties. Some payday lenders might require borrowers to offer a copy of their lease agreement or another proof of rental history as a way to approve the borrowed funds. Payday loans may be more expensive for borrowers who have no other available choices for covering technology expenses or another equipment costs. Some payday lenders might require borrowers to supply a copy of these utility bills and other proof of residency in order to approve the credit. Some payday lenders might require borrowers to deliver a copy of their utility bills or other proof of residency as a way to approve the credit. Debt consolidation involves combining multiple debts in a single, more manageable loan which has a lower interest rate and much more favorable repayment terms. Borrowers who use pay day loans often have low incomes and poor credit ratings, making it difficult for them to access other styles of credit. Borrowers who’re considering a payday loan should be aware of the potential consequences of default, including a lawsuit and damage on their credit score. Some payday lenders may also require borrowers to offer collateral, like a car title, to secure the money.