Most individuals have access to credit in the form of credit cards, lines of credit or overdraft protection from traditional lenders, such as banks. Access to this type of credit can be helpful when emergencies or unexpected expenses arise. However, obtaining access to credit cards, lines of credit or overdraft protection is difficult for those with no bank account, low income, limited credit history or poor credit rating. As a result, these individuals tend to rely on non-traditional lenders such as payday loan companies or pawn shops for cash advances and small installment loans or used car dealers for vehicle loans. These non-traditional lenders have a much higher interest rate when compared to traditional lenders. Often individuals that use non-traditional lenders become trapped in a continuous cycle of high interest debt unable to pay off the debt to end the reoccurring and on-going high interest debt cycle.
High interest loans leaving you low in cash?
If you have loans from high interest rate lenders and are unable to repay the loan, contact Faber today to discuss your debt restructuring plan options.
Thank you all for making a not so happy time a positive learning experience.Kelvin & Deb J.