loan mart

loan mart

Every day, more people are losing their jobs and finding themselves in tough financial times. If you have ever been among these unlucky people, you may have damaged your credit rating and feel like you may not be able to get a loan. While it may be tough to find them, loans exist that are designed for people in just this situation. While it is sad that so many are struggling, it means that there is more demand for high risk personal loans, especially unsecured personal loans, and these loans are more available to people who might not have qualified for loans in the past. Bearing this in mind, here are the 8 things you should know about high risk loans:

1. Payday Loans are Expensive

You probably already know that payday loans should really only be a last resort. Unless you are absolutely sure you can repay them in full, they will typically cost you far more than they are worth. When extended for a full year, a $100 payday loan can have almost an 800% APR. That is astronomical compared to the rates that banks and even credit cards charge.