The traps, when you are looking for overnight cash advances and any other quick money loan
Overnight cash advances. Previously, I had already showed you that those loan sharks focused on these types of loan. I also showed you one of the methods that they use to trick you into paying more by increasing the interest rate for those overnight cash advances and all the other quick money loan types out there. Now I will show you another method they use. This method is very different in their approach compared to the first method and it is much more deceptive.
For this method, they will pretend to be someone who is very helpful and merciful. Not much difference from the first one? Actually for this one, they play that role for a lot longer. How much longer? They will give you one of those overnight cash advances and quick money loan, very quickly and also with a quite low interest rate and will politely talk to you about settling your loan. No threats or violence used for months, sometimes even years for some cases.
Sounds great right? So good that most people will never think twice about where to go to for a second loan or whenever you need overnight cash advance loan again. So what is the trap here? Well, I did give you a clue just now. What they are looking for, is someone to take a second loan. And a second larger loan for that matter. Let's just see how it will work.
You've got a loan from them, and so far, they look to be very friendly and trustworthy. You recommend your friends who are also looking for overnight cash advances and they too, feel the same way. Then you are hit with an emergency, and you need another quick money loan. Would you go look for another loan company? No, I am sure you will return to the previous one because of your past experience with them. So their initial plan has already worked. Now, here is where those loan sharks finally show their razor sharp teethes!
Their main objective is to get you to apply for a second loan and larger loan. When you apply for a second loan, they will give you the exact same looking form and tell you that everything is the same. And when you go there to pay for both of your loans, you find out that the figures are way different. How different? Let's say that the first loan had an interest rate of 15%. But now, the second one has an interest rate of 30%! You ask them about this, and they tell you that it is company policy for a people borrowing a second loan. They then show you a poster in the corner of the room that explains this policy. Of course, no one will ever noticed that poster because of its low profile location. Also they will claim that overnight cash advances have a much higher interest rate.
Now you will have to pay an insanely huge amount of money to them every month, simply because of a second loan. It may seem obvious now, but do not be surprised by the number of people who do not even bother to ask what the interest rates for their second loan is. And if the friendly and same loan person told the borrower to just trust him, most of them do. So why would they go to all that trouble?
Two reasons. First, people are not going to get a loan if they know that the interest rate is high. So the loan sharks came up with this plan to trick people. The second reason, is the amount borrowed. Most people will not borrow a huge amount straight away from them. They are well aware of the dangers of taking loans that are beyond their financial capabilities. But once they believe that the loan company is a wise and good place to get a loan, they will easily return to borrow a second loan, at a larger amount. Why? Because a huge interest on a small loan is still easy for the customer to pay off. A larger loan, takes a much, much longer time.
If the amount for the second loan is not deemed large enough by those loan sharks, they will simply continue their good behavior act, until the person applies for a larger loan. The main goal of those loan sharks is for their customers to get loans that are very difficult to pay of, and in some cases impossible. They want customers that will continue paying them for years and years. That is how they actually make large money. These two methods are a must to remember whenever someone applies for those overnight cash advances or quick money loan. Please return to the previous page to view the final section, which will give you valuable insights on how to finish paying of your loan to those loan sharks.
The dangerous traps used by those Loan Companies
The number one reason why many people end up in a loan and debt that they won't be able to settle. While we may choose the right payment methods and the interest rates, there are methods that those loan companies will use to increase our debt in front of our very own eyes. From traps that are used in real life, to traps used in those online cash advance loans, this information is life saving.
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