The loan world can be a confusing one for most people, even right now as I am on the hunt for a loan to fuel a project it can feel overwhelming even with a wealth of knowledge on my side. Did you know that the short-term loans that so many families & hard working Americans go to in times of need may become a thing of the past soon?
Legislators are ordering that consumers if, when and under what circumstances they should be allowed to have credit. And although lower interest rates are what is being sold, the contracts for credit are filled with sneaky tactics to tack more onto the bill.
In the past, our family has found it necessary to take out small loans when waiting on paychecks to clear (just a part of entrepreneur life) when things like our A/C going out just couldn’t wait. And I couldn’t have been more thankful to find a small short-term loan with no hidden agenda & couldn’t imagine the headache that could happen if that wasn’t possible.
Did you know that big banks when looking into a new line of credit deny almost 50% of people with credit scores under 680? Which makes it difficult for 40% of people with less than “prime” credit scores when an unexpected emergency expense pops ups, which let’s face it…there’s always something that seems to pop up at the worst possible time.
There are a host of reasons that a short term loan may be necessary from unexpected expenses like home/auto repairs, extra school fees that pop-up or the need to spread a necessary purchase over several pay periods. But if the
One of the reliable sources of fast, dependable ways to get credit could completely vanish this year by legislators who will replace it with lenders offering low interest rates but contracts filled with hidden fees & guaranteed penalties. Everyone has the right to transparent credit without strings & add-on products. You can read more on how the interest rate caps don’t protect borrowers but just make it more difficult on the consumer here are Real Clear Markets comprehensive article.