Welcome to our Hoyes Michalos Debt Free Digest where we round up personal finance topics from around the web to help you live, and remain, debt free.
Loan scams are big business and companies are very clever at preying on your need for cash. This is why we want to make you aware of three specific loan scams we’re seeing and show you how to avoid costly debt mistakes. Share these articles with your friends and family. Help keep everyone you know away from bad loans!
Good Reads From Around the Web
A lender promises to loan you money if you send payment upfront. Should you? No! After paying, you never see any money from the promised loan. These are outright scams and in Ontario, it’s illegal for a company to request payment BEFORE obtaining an actual loan. Learn about how to spot this loan scam.
Plenty of companies offer what’s called a “credit repair” or “savings” loan. The problem – these are expensive, take too long and don’t necessarily build your credit better than do-it-yourself alternatives. And the “loans” they provide are also locked in, preventing you from accessing your money right away. Learn more about how credit repair or savings loans actually work.
There are companies offering loans to help you repay a consumer proposal. A consumer proposal is interest-free, so borrowing a loan on which you pay interest won’t help you eliminate debt. Learn more about why you need to crunch the numbers before borrowing to repay a proposal.
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