My friend suggested a Payday loan: Is this a good idea?
There are times when we desperately need a loan. But what if you do not qualify for a loan from a bank?
If you do not qualify for a loan, do your research in terms of comparing lender interest rates. Attempting to borrow money from family or a friend could also be a beneficial possibility if you offer to pay a small amount of interest.
In times of economic turmoil:
1. Lenders are sometimes content if you pay the interest alone. Soon you will find that you have paid much more in interest than the initial amount
2. It is sometimes difficult to even pay the interest for these loans. You may be forced to get a second loan to pay off the first loan and this becomes a very dangerous cycle of financial difficulties.
3. Be careful because sometimes a loan that seems too good to be true-is too good to be true. The money you borrow may end up costing you twice or three times as much as the initial loan.
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.
