Loans

The long-term effects short-term loans can cause

The long-term effects short-term loans can cause
Written by Publishing Team

Laredo, Texas. (KGNS) – The holidays have left many people cash-strapped looking for ways to make a quick buck.

The quick solution that some use to fix their financial problems is short-term loans.

Although it can remedy the situation, it can also cause a headache for those who haven’t read the exact letters.

It is the most wonderful time of the year and also the most expensive.

Cash for food, gifts, and decorations has left some people in a bind for money.

So naturally they are looking for the quickest way to make money and turn to emergency loans, property loans or payday loans.

Jason Meza of the Better Business Bureau says that when it comes to loans, it’s important to know which ones to avoid as well as find the best financially appropriate one.

Always be aware of the risks of high interest rates, short repayment times, and the consequences of not repaying, says Meza when taking out these types of loans.

The best way to find out what you’re getting is by asking lenders questions up front or by reading the finer details.

Meza says consumers need to better read contracts and see something that can be buried like an early payment clause or something that will be a penalty if you pay in advance.

According to Meza, loan applicants also need to beware of scammers.

The easiest way to get to know it is when you are contacted by phone or also online by what they give you.

When we asked Laredoans about their experience with short-term loans such as property loans, many said it’s not a good thing or it’s stealing.

Whatever your reason for getting quick cash, keep these things in mind to ensure you don’t fall into a financial gap.

If you have been involved in a short-term loan scam or know someone who has, you can report it to the Better Business Bureau or call the police.

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