Be Careful with Personal Loans: Fixed Payments and Impossible Interest Rates
Have you heard about loan offers that can help you pay your bills and leave you with a small fixed-rate monthly payment? Are you thinking about borrowing for personal, family, or household use? These kinds of loans are called “consumer loans,” and with many of these payday loans, promises for quick cash with easy financing may not be as helpful as they seem What is a Consumer or Payday Loan? You may have seen loans like these advertised on television or in radio commercials. For many of us, the promise of extra money to cover our looming expenses sounds like a relief in this economy, even if we’re borrowing a loan with a high interest rate. These loans offer fixed monthly payments that are supposed to be convenient for borrowers without any added hassles. And what’s more, they promise payouts even to borrowers with bad credit histories. But often, the interest rates attached to these loans don’t tell us what borrowing actually means for us in the financial long run. Across t