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Sep 28, 2017 - 34 minute read

Is line of credit same as personal loan

To protect yourself and your credit history, make sure you only accept loan terms that you can afford to repay. If you cannot make a payment on time, you should contact your lender immediately and discuss how to handle late payments. BBB: Payday loans. (KTVI) - Many cash-strapped consumers may find themselves in need of a loan this holiday season.

Chris Thetford, with the Better Business Bureau (BBB), talked with Elliot Weiler, advising consumers is line of credit same as personal loan be aware that many payday lenders charge high interest rates, set unaffordable payment terms and use high-pressure collection tactics that can make these debts impossible to pay off.

A 2013 study by the Consumer Financial Protection Bureau shows that payday loans' interest rates averaged 339 percent. In Missouri, payday loans averaged more than 400 percent, according to state finance officials, and some rates exceeded 1,000 percent. Payday lenders tend to target people whose credit may not be good enough to obtain a credit card or bank loan and who therefore rely on advance short-term loans to get by.

What most 24 month personal loan don't realize is that the high interest rates on these loans can trap them in a debt cycle that forces them to renew the loan repeatedly, paying associated fees every two weeks until they can finally save enough to pay off the principal and get out of debt.

Is line of credit same as personal loan

Contact us to find out how Our Money lenders in Australia can help you today. Call our toll-free number to speak to a professional about your easy loan options, or submit an application on our website today. Its that simple. Our Company. Personal Loans For You want the process of obtaining a personal loan to be quick and easy, we aim to deliver high levels of customer service and satisfaction. Our business structured is as an online lender which benefits our customers in that they are generally able to be provided with their funds faster and with less fuss than having to visit a traditional shop front lender.

Is line of credit same as personal loan

Regardless of the purpose, in the majority of situations we need money if not now, then at least as soon as its possible. The simplest way to get the necessary finances in the short time period is to use services of fast cash loans. Nowadays many banks and financial organizations offer such services, but in many of them to do this will not be easy and fast. How to get a loan. Set amount and due date.

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