A quick loan from a repayment company is exactly what you see in most TV commercials on any station. TV ads cost money, but they are lucrative for the quick loan companies. Those are not even loans. They are real loan sharks. Interest and repayment costs are such that there is not even a decent term. In fact, APRs can exceed 200%!
So think carefully about what the decision to take out a loan with a repayment company means to you, what it actually means, how much it will affect your life during the repayment period, and everything else. Think in terms of whether you are healthy, have a good job, and most importantly, have a stable job. Whether your income is sufficient to cope with each repayment and cover any complications in your life that may arise during the repayment period. In short, take everything into account. Do not expect anything good to happen during the repayment period. Miracles do not happen. If you think your loan is safe, you are mistaken. It is not. It is not safe for anyone.
Repayment companies can be unscrupulous from the loan negotiation stage.You are asking for a specific amount of money for a specific company\’s product. You do not need more money than that, so you apply for that company\’s product for the lowest possible amount. An employee of that company will interview you, usually at your home, and complete the loan application with you. They then send it to you for approval. What\’s the surprise? Your loan is denied. The repayment company offers you another product instead, one and a half times as much! But the terms are vastly different from your application. Of course, to your detriment.
Payday loan companies take advantage of people in need to make as much money as possible. They pretend to be angels of help, but they have no interest in your welfare. They do not care about you, your problems, or your destiny. They do not care about you. They only care about your money. Basically, they will be satisfied even if you fail to repay them. They will make more money from you. So keep that in mind when you invite them to an interest-free, no-fee loan. It\’s best not to fall for it, because it\’s just a bait.