Loans to Avoid
Car Title Loan
"A car title loan is an easy way to get cash fast!" And an easy way to lose the car you have worked so hard to pay for.
Car title lenders make money in two main ways:
- High Interest
- Auto Repossession
Consolidation Loan
A debt consolidation loan combines multiple debts from credit cards, personal loans, and other bills into one loan with one monthly payment. This can sound exciting because it is often advertised as "lowering your overall interest rate with one affordable payment, helping you save money, and pay down debt faster."
Personal Loan
This would make your loan a secured debt, or a car title loan.
At Doan Law Group, we help people get out of debt, not get deeper into debt. If you have not been able to pay off the existing debt you have, why do you think incurring new debt will help? It's like throwing gasoline on a fire.
Payday Loan
A payday loan gets you a small but quick cash advance on your next paycheck. Payday lenders boast, "We make it easy and fast to get your cash when you need it most!" But they don't tell you their interest rate is an average of nearly 400%.