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Introduction
What do you know about loan shops? I think we can all agree that this phrase can bring to mind high interest rates and shady characters, right? Even if that pre conception is not inaccurate, there’s more than meets the eye when it comes to loan shops like good movies, their plots aren’t that straight forward. While we won’t be throwing around judgments trust us, we’ll explore the possible draw backs, but try to take a deep breath, we’ll also consider when a loan shop could, believe it or not, be a reasonable choice. In any case, prepare for a safari in the turbulent waters of short term lending.
Quick Financial Support
First, allow me to address the most pressing issue and that is interest rates. These are perhaps, the highest of the high. The figures we are working with could make your eyes and your wallet cry, picture this, if you borrow ₹500, you might need to repay ₹700 in a few weeks.Now, hold your horses. Before you sink in rage and start smashing your laptop on the ground, The context is important as well. Oftentimes people who have to face the brunt of financial emergencies. Be it a brokendown car or an urgent trip to the hospital, it needs to be stressed that there are no other avenues from which money can be borrowed. A person taking out a bank loan will require an immaculate credit score alongside piles of documents which isn’t very realistic for some. This is when the loan shops come in and help offer a solution, albeit, at an exorbitant price.
Short Term Lifeline
The problem is convenience at a cost, in this case, a financial one.Those desperate high interest rates will spiral into a never ending cycle of becoming increasingly worse than your initial state.It’s the perfect example of providing short term relief that might send you spiralling into pain down the road.Imagine being provided with a bandaid for a ginormous gash that needs to be closed with stitches sure, it will stop the haemorrhaging for a bit but gold knows you’ll need real assistance later.
Choose Wisely First
First things first, what research did you do, I hope shopped around and compared not only interest rates but also terms. While it may be diligently tedious, spending your free time comparing rates and terms is crucial in formulating a financial plan. Second, evaluate what your repayment ability is.Don’t over borrow, come up with a repayment plan that you can realistically achieve and will not revise and embellish after you have signed the contract.Third of all, think about other ways you can get the money, what if I told you that you could easily ask your friends or family for financial help, sell some old items that have been collecting dust, or cut down on some of your daily essential spending? you should, and you are absolutely encouraged to investigate every option before you consider walking into a loan shop.
Caution Is Key
And lastly, in the unfortunate case that a loan shop is your only option available, proceed with caution.Read every single line of the document including the terms of service, and make sure you do not feel pressured, regardless of what your peers may be telling you about a loan that you know you’re not fully comfortable with.
Loan stores have their pros and cons. They allow for fast access to funds, but the danger of overwhelming debt looms large. A person must always make an informed decision. Knowing the risks, looking for other options, and thinking about one’s ability to pay back the loan are vital. Do not forget that some research can protect you from a lot of pain. So, make sure that before you walk into a loan shop, you pause, think carefully, and make the right decision. It will cost you in the long run if you don’t.
