Which Loan Created A Habit Where The Borrower Kept Coming Back To Request An Extension

 Payday loans are notorious for creating a cycle where borrowers frequently request extensions. These loans are short-term, high-interest loans typically due on the borrower's next payday. However, many borrowers find themselves unable to repay the full amount by the due date, leading them to roll over the loan by paying a fee to extend the due date.

The cycle of borrowing and extending payday loans can create a pattern of dependency, where borrowers continually rely on these loans to cover their expenses, often paying exorbitant fees and interest rates in the process. This cycle can be financially detrimental and difficult to break free from, contributing to ongoing financial stress and instability for many individuals.

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