3 risky loans to avoidThere is an unprecedented surge of demand to borrow money. Because of this strange economy, many people who have never taken out a loan before and learning their options. There are many different kinds of loans, for every manner of borrower, but there are some very risky loans that you should always avoid.

Casino Loans

Also called casino cash and casino credit, these loans are perhaps the riskiest of them all. By it’s very nature, gambling involves games of chance. It’s bad enough to lose money, but with these risky loans you can also lose your house!

Never gamble more than you can afford to lose is a cardinal rule. These loans are predicated on losing more than you have. When it’s all said and done, the casino can take everything you own.

Credit Card Cash Advances

The allure of the cash advance is that since you already have a credit card, you don’t have to apply for the money. You can borrow a certain amount from your line of credit and take the cash in hand.

Did you know that credit cards charge a fee to withdraw that cash, and then additional interest over the normal credit card rate? The interest on withdrawing cash can be 5 or 10 higher than you already pay.

If you have the credit card, stick with that and don’t turn it into cash.

Payday Loans

On the surface, these loans seem harmless enough. A small loan, with a small weekly charge, to be paid back from your next check. But if you cannot repay the loan within a week, those fees begin to add up faster than you can imagine.

Payday loans use a “roll over” system, which means you are basically taking out a new, larger loan each week to pay last week’s loan. They don’t call it the “cycle if debt” for nothing!

No More Risky Loans! Use a Safer Alternative

Installment loans offer locked-in rates with no “roll over” tricks or attempts to foreclose on your house. Get your entire repayment schedule up front, in writing, before you ever agree to the loan.

The entire process is done safely, securely, and from the comfort of your home. No office visits or faxing of documents.

Get the process started now!

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