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How not to get into a bigger spiral of debt? According to the National Register of Debtors, more than half of Americans have debts, and every fourth has a problem with their repayment. At the beginning there is a loan and a rather optimistic perspective on low installments and interest. Several installments are repaid, but then there is usually an unexpected problem in the form of job loss or longer illness and we lose our creditworthiness. As a result, we do not have enough funds to cover subsequent installments. Drowning slowly in subsequent calls for payment, a man grabs every opportunity to pay off the loan, like razors. If the bank looks unfavorably at our request to spread the loan into smaller installments, there are “payday loans” and private lenders on the horizon.
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People who have never dealt with such a stalemate can not understand why you can not borrow money from your family or friends. Person, who is an insolvent debtor for over 25 years, explains: “I will not borrow anybody from anybody else. Many of them have a grudge against me, that I have not been giving them so many times and will not even speak to me. And God, I was a witness, I did not want to hurt anyone. Well, the family knows well that I can not guarantee whether I will give back “1.
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A situation in which one can not count on either family or friends causes the indebted person to become more and more isolated and stay alone with his problem. Her willingness to pay off her debt at any price can push her into making hasty and risky decisions, such as choice of the first time.
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Faith does miracles? It seems that the loan at hand can settle any problems the debtor with so far struggled. Nothing more wrong! When choosing a bank that can propose a consolidation loan for repayment of other loans, or by choosing a payday by which we will pay off another loan, we must remember to carefully read the terms and conditions of the facility. We can not believe that everybody has good intentions and that is why we have to be careful especially when choosing a “weekend”. Let us choose companies that have an established position on the market and can boast of honest customer feedback. Avoid any unknown small companies and entities that are just starting their business.
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Let us read. Let’s read everything that will fall into our hands for signature, especially contracts and all regulations. If we do not understand a record, do not be afraid to ask for clarification in simple words. Unreliable companies often prey on ignorance of people and, thanks to their legal departments, are able to construct a contract in such a way that it looks correct at first glance. It is also good practice to ask that the contract and regulations be sent to read them peacefully.
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Being a debtor is not easy – banks, debt collectors and other creditors are lurking on every side. Also unreliable companies are waiting, which willingly take advantage of the opportunity to drive the debtor into another loan. Therefore, every debtor should remember that it is not a shame to ask for help to get out of debt. The reason for shame, however, may be the unwavering belief that “somehow it will be”. Only if we are facing the spiral of debt, we have a chance to win.
Social lending is a relatively new phenomenon that came to us from the UK around 2008. The idea of social loans consists in making a transaction, by an investor and a person who is looking for a quick loan.
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There are many portals on the market that offer this type of loan, but the leading ones can certainly include such services as: NetCredit, OppLoans, CashNetUSA. The websites that secure this type of transaction usually set lending limits for new customers. A person who is willing to take such a loan at the beginning can usually borrow up to $1,000, after paying the loan together with interest the limit is increased to $2,500, $5,000 and finally to $25,000. Social lending portals are also willing to use a rating that reflects the activity and positive feedback about the borrower. A loan can be repaid in two ways: either in installments or in full. In the case of a loan for the purchase of a specific product in the store, the lender and the bank transfer the funds directly to the store on behalf of the borrower.
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Social loans are very popular, both among borrowers and investors, who more often decide on this type of investment. The biggest advantage of this type of loans is their availability, because no one will look at creditworthiness verification. In the case of investors, they have the opportunity to earn more than on a deposit. However, a person who has taken a social loan has the option of taking a cheaper loan than in the case of a bank loan or a payday loan. Of course, social loans are free from drawbacks. These include, inter alia, the amount of loans, which is not too large. Another disadvantage is the relatively low level of security, especially on the part of the investor, who in fact has no guarantee (apart from a civil law contract) that the loan will be repaid.
Undoubtedly, social loans can be an interesting alternative to the so-called “payday loans.” However, we must remember that as with any investment there is a risk. Therefore, let us choose proven borrowers and investors, and we do not collect a sum that exceeds our financial capacity for later repayment.