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High-Interest Rates: Due to their relatively larger danger, these loans can include elevated rates of interest. Borrowers must weigh the urgency of their needs against the price of borrowing.
Short Repayment Periods: Many Emergency Fund Loans require reimbursement inside a short timeframe, which may pressure the borrower’s monetary situation.
Risk of Debt Cycle: Utilizing loans for repeated emergencies can lead to a cycle of debt. Responsible borrowing and reimbursement practices are essential.
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