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Some payday lenders might require borrowers to offer a copy with their military ID or another proof of service as a way to approve the money. Payday loans might be more expensive for borrowers that have no other assets or collateral to secure the borrowed funds. Payday loans normally have a term of fourteen days to a month, even though some lenders may offer longer repayment terms. payday loans toronto Some lenders may offer payday loans with no appraisal of creditworthiness or minimal documentation, which can cause them to become particularly attractive to individuals who are in a very hurry to get cash. Payday instant loans canada are certainly not a solution to long-term financial problems and will only be used like a last resort. Borrowers who will be considering a payday advance should be mindful of the potential consequences of default, including law suit and damage to their credit score. The high interest levels on payday advances can make it a hardship on borrowers to repay the borrowed funds on time which enable it to lead to your cycle of debt. Borrowers that are considering an online payday advance should be mindful of the potential risks, including identity theft or fraudulent lenders.