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Payday loans could be more expensive for borrowers who may have no other supply of income, as lenders may view them being a higher risk for default. online payday loans loans might be more expensive for borrowers who may have no other choices for covering educational expenses or any other long-term needs. Some payday lenders may require borrowers to supply personal information, for example their ssn or checking account information, in order to approve the money. Payday loans may be more expensive for borrowers who’ve no other choices for accessing credit, like traditional loans from banks or lines of credit. Payday loans could possibly be more expensive for borrowers who have a good reputation for bankruptcy or another financial difficulties. Some lenders may require borrowers to provide additional documentation, like proof of income or employment, before approving a pay day loan. Some payday lenders may require borrowers to deliver personal information, including their ss # or bank-account information, so that you can approve the credit. Payday loans could possibly be more expensive for borrowers who live in states with fewer regulations or restrictions on payday lending. Some lenders may offer lower rates of interest or more favorable terms than the others.