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4 dangers of personal loans (and how to avoid them!)

Summer is a fantastic season for hiking. Who doesn’t love the smell of fresh pine needles, mountain flowers and is it a skunk? Any experienced hiker will tell you that a long walk without knowing what to expect can be quite dangerous.

Just like hiking, getting a personal loan requires knowing the dangers. Learn how to avoid these four dangers of personal loans before choosing a lender.

1. Apply for a loan for the wrong reason

When considering a personal loan, you need to consider all of the options before applying for a loan. You may have a friend or family member who can lend you money. Maybe your employer wouldn’t mind sending you money. Could you get overtime or a part-time job to get the money you need? If you only need a small amount of money, a personal loan is probably not the best option. However, if it is a costly emergency, e.g. For example, a car repair or a medical bill, you may need it.

Before borrowing, ask yourself if the money you are asking for is for a need or a wish. Are you paying for a cute new mountain bike? It’s a wish. You don’t really need it. But paying for emergencies for the broken leg you suffered while riding your new ATV? It is definitely a necessity. (And if it is a serious and expensive emergency, and we hope it is not, check out our blog post on how to deal with major financial emergencies.)

2. Take the first loan they offer you

The American consumer is now more powerful than ever. In the past, we may have believed what we were told on television, in the newspaper, and on the radio. But now, thanks to the Internet, it is the people who have the power. In the ExpressCash Safe Personal Loan Guide, you will find advice on what to look for both with a loan and with a lender. And remember: if you don’t like a lender’s offer, you should look for a better offer! Check not only the loans of a company but also their ratings and customer ratings. Do your customers like to work with them? Are you reasonable, friendly and responsible? Are you accredited by the Better Business Bureau? Read customer reviews on sites like Google.

 

If you bought camping gear for a multi-day hike, you wouldn’t be buying the first store you saw. The same goes for a personal loan. Taking the time to find the best possible loan can save you a lot of time, money and hassle.

3. Skip the fine print

Some lenders may try to force you to sign quickly. They may want you to miss certain details, for example, B. Additional fees and charges. Make sure to read the complete contract before signing it. The fact that a lender tried to pressure you is also a big red flag. It is the clicking that lets you know there is a snake. If you don’t understand anything about your loan, ask.

The most important things you need to know before accepting the loan are 1) the APR, 2) the term, 3) the number of your payments and 4) whether the interest rate is fixed or variable. A fixed interest rate means that interest rates stay the same for the duration of the loan, while a variable interest rate can go up and down.

4. Accept more than you need

Another tactic that some lenders use is to offer you more money than you need. This can result in higher monthly payments and more money for interest and fees. Find out exactly how much you need and don’t be convinced to borrow more (learn more about how to be safe with bad credit).

You also want to know how much you can pay in monthly installments. It’s like a hiker who knows how much weight he can carry in his backpack. If your monthly payments are higher than you can bear, don’t go down the street. The best way to find out how much you can afford is to set a monthly budget before taking out a new personal loan. 

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Disclaimer: This website does not constitute an offer or solicitation to lend. ExpressCash.com is not a lender and does not make loans or credit decisions. ExpressCash.com provides a connecting service only and is not acting as a representative, agent, or correspondent for any of the lenders we contract with. ExpressCash.com does not charge a service fee. ExpressCash.com does not control and is not responsible for the actions or inactions of any lender. ExpressCash.com does not endorse any particular lender or loan product. You are under no obligation to use ExpressCash.com's service to initiate contact, or request credit with any of the lenders. This service is not available in all states and the service availability and scope are subject to change without notice. Subject to our Privacy Policy, ExpressCash.com will transfer your information to lenders in our program and other service providers and marketing companies with which we do business who may or may not offer payday loans. ExpressCash.com does not guarantee that completing an online form will result in your being connected with a lender, being offered a loan product with satisfactory rates or terms, or a loan product of the requested sum or on the desirable terms, or receiving any approval from a lender in the first place.

Participating lenders may verify your social security number, driver license number, national ID, or any other state or federal identifications and review your information against national databases to include but not limited to Equifax, Transunion, and Experian to determine credit worthiness, credit standing and/or credit capacity. By submitting your information via our online form on this website, you agree to allow any and all participating lenders to verify your information and check your credit. Cash transfer times and terms may vary from lender to lender. Not all the lenders in our network can provide up to $1000. The limits and regulations vary from state to state. We remind that short-term loans are not a long term financial solution.