I HEARD SOME NASTY THINGS ABOUT BAD CREDIT LOANS. HOW COME THEY’RE STILL AROUND?

I’m in my early twenties and hardly land my credit inside of excusable limits. I have a couple of loans due in a month and I unequivocally goal I can compensate them all off. I’m meditative of removing an additional loan only to compensate for my comparison loans. I’m formulation to do this for half a year in the goal which I’ll get promoted shortly and enlarge my salary. Then I can unequivocally cover the principals. Until afterwards I keep entrance opposite bad credit loans and consternation because such companies have been authorised to marketplace their offer. Are they any good? My meditative is if these have been scam, they would have been taken down by the government, right?

{ 5 comments }

Pascal the Gambler October 3, 2013 at 7:25 am

Yes, you can barely afford the loans you have, so get another loan to pay those loans.

The interest rates are extremely high on those loans.

Caren October 3, 2013 at 7:54 am

because people don’t realize that the annual interest rate is about 4,000%. wish they would teach better math at schools so people could figure out interest rates

Donald October 3, 2013 at 8:01 am

They’re not scams, but they’re not good ideas, either.

They’re just bad deals. The interest rate is horrendous. That doesn’t make it a scam; they’re open about the interest rates they charge.

By the way, the government isn’t very good at taking down scams. Remember Bernie Madoff?

Kittysue October 3, 2013 at 8:13 am

Bad credit loans are not usually scams. They are sometimes the only option for people who have no other options. The interest rates are outrageous – mainly because so many people who take out these loans are late to repay them or default so the other lenders are basically covering these losses in the form of high interest rates
Nobody forces a person to take out a loan with high interest rates – the rates are found on the contract and/or the website. It’s not the fault of the lender if someone is unable to pay back the loan on the agreed upon date

Pepper October 3, 2013 at 8:48 am

They can be helpful in your situation if your goal is really to extend your ability to pay until your promotion. In which case, any loan with clear terms should be a good idea as long as it helps you meet your goal. I suggest that you explore all options you’ve got and if you find that such loans are the only way to go I’d look for a few good companies that lend out bad credit loans with transparent terms. Your point is valid after all—if these were all a scam they wouldn’t be around, would they?

Comments on this entry are closed.

Previous post:

Next post: