These Loans must be avoided..!? Do you know why?

Many people think that they should not take loans. But at the end of the month, we will be forced to take loans. This will be unavoidable in middle-class families who earn a monthly salary. However, experts say that they can avoid taking certain loans. Why do they say to avoid only certain loans? What is the reason for that? Let's see.
Payday Loan:
 It is impossible to avoid borrowing during the current period, but it is very important to avoid payday loans. Especially, such loans are taken by small entrepreneurs, small shopkeepers, and those who have shops in the daily market as individuals. You have to buy it in the morning and pay in the evening. The interest on these types of loans can be very high. So this should be avoided.
Car Title Loan:
 A car title loan is usually a high-interest loan. You can give your vehicle and get it back in one month with interest first. Usually, the interest on such loans is high. The vehicle may be sold if payment is not made within the specified time.
Credit Card Advance:
 In order not to use credit cards unnecessarily, some people take credit card advances. After that, interest may continue to accrue as interest. The interest rate is very high. If you don't pay it on time, the penalty is very high.Casino Loan:
 Such loans are very rare in India. However, such loans are loans that should be avoided. Such loans are used to promote sports in foreign countries.
Pawn Shop Loan:
 Many people may have this experience. Usually, we get such loans by pledging our jewelry. Failure to pay the such debt on time may result in your property being auctioned. This includes restricted loans with a lower amount for more expensive property in rural areas.
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Sowmiya Sriram

10/09/2022 05:22 PM