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When you take out a personal loan, timely repayment is essential. Falling behind can lead to serious financial repercussions, including extra fees, damage to your credit score, and, eventually, legal action.
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Payday loans offer fast cash for emergencies but come with high fees and interest. They’re easy to obtain, with minimal credit checks, but should be used responsibly to avoid falling into a debt cycle.
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An emergency fund is a crucial financial safety net for unexpected expenses like medical bills, car repairs, or job loss. It helps you avoid debt and maintain financial stability. Experts recommend saving.
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