LAREDO, TX. (KGNS) – The holidays have left many people short of money and looking for ways to earn quickly.
A quick fix that some use to fix their money problems are short-term loans.
While this can resolve the situation, it can also create a headache for those who have not read the fine print.
This is the most wonderful time of the year and the best too.
Money for food, gifts and decorations actually left some people in a bind for cash.
So naturally they are looking for the fastest way to make money and turn to emergency loans, title loans or payday loans.
Jason Meza told the Better Business Bureau when it comes to loans, it’s important to know which ones to avoid as well as finding the best financial fit.
Meza said that when getting these types of loans, always recognize the risks of high interest rates, short repayment periods, and the consequences of non -payment.
The best way to find out what you are getting into yourself is by asking the lenders up front or by reading the fine print.
Meza said buyers need to be better at reading contracts and see something that could be buried like an early payment clause or something that would be a penalty if you pay in advance.
Meza said loan seekers also need to beware of scammer.
The easiest way to see one is when you are approached by phone or also online of what they have to offer you.
When we asked Laredoan about their experience with short -term loans like title loans, many said it wasn’t a good thing or that they were a rip off.
Whatever your reason for getting quick money, keep these things in mind to make sure you don’t fall into a financial hole.
If you have been involved in a short -term loan fraud or you know someone, you can report it to the Better Business Bureau or call the police.
Copyright 2021 KGNS. All rights reserved.