freedomcashlenders
https://freedomcashlenders247.com/An instant loan can get you cash quickly— sometimes within the same day — even if you don’t have strong credit. Getting fast cash for unforeseen costs such as a car repair or medical bill can feel like a solution. However, instant loans put you on a slippery slope of repayment that you may not be able to sustain financially.
The adverse effects of instant loans are even more detrimental for low-income borrowers. According to California’s Department of Financial Protection & Innovation, nearly half (42 percent) of payday loan borrowers had an income of $30,000 or less in 2020. Twenty-four percent of payday loan borrowers earned $20,000 or less.