Argh! Another payday lender who’s out to make a HUGE profit from everyday Australians.
We’d like to STOP you from Cash Stop Loans & Financial Services because while their reviews are good, the terms you agree to will be unethical and dodgy.
It just wouldn’t be right to recommend a lender who charges their borrowers 30% interest on the loans, just because they’re payday.
Not only that, but we’ll recommend a good alternative for your situation.
Cash Stop Loans Review
Cash Stop Loans otherwise known as Cash Stop Financial Services is an interesting bunch. They profit from mostly selling their payday lending services to Australians.
This is a great gig for them, as it’s very profitable. Unfortunately, it’s a terrible idea for you.
You’re up for:
- Seriously high interest rates (30%) for the privilege of instant cash today
- Additional penalties if you default on any repayment (you probably will…)
- You’ll have a bad mark on your credit history which can affect your future
But we understand the attraction. You need money fast and you don’t want to ask your close friends or family. That would be embarrassing, wouldn’t it?!
You might even be in dire straits with debt collectors chasing you. A payday loan isn’t going to help you if that is the case, and you should get in touch with us instead.
Why? Because we can talk to debt collectors for you and organize a relaxation deal.
Our recommended team is ready and waiting to help you through troubling times.
Also, the National Debt Helpline is also available anytime as is Lifeline Australia.
Payday lending challenges
There are times where it could be a good idea to get a loan with Cash Stop Loans in Australia. They have genuinely helped lots of people through tough times.
Let’s say you’ve finally got yourself a good paying job but you need uniforms or a car to get to and from work. Right – that’s probably a wise idea to get some quick cash.
Same as your cat getting sick and you’re hit with expensive vet bills. Cash Stop Loans can sort that out for you, and you pay them back over time (with 30% interest on the loan…)
Unfortunately, most people use them for the WRONG reasons.
This is because they’re already crippled with massive credit card debt. Somewhere along the way things just got out of hand. You wanted expensive stuff and you threw it on the credit card, thinking you’d be able to pay it off. It just didn’t work out.
Now you’re probably overdue on it, or maybe just an electricity bill. Either way, you gotta do something, and in our opinion, payday lending is a terrible idea.
Others use it to fuel addictions which only takes them into a downward spiral.
What to do instead
Now, it’s not all doom and gloom. There are ways out of this mess.
- Get rid of your unwanted stuff on Gumtree. You’ll certainly find some stuff.
- Offer to do odd jobs on Airtasker or drive for Uber on weekends or evenings
- Find yourself a better paying job where you can keep on top of your payments
Most importantly, don’t ignore the situation.
Are you being chased by people for overdue payments? The Debt Free Community can help, simply reach out to us.
We never recommend payday loans because we know it’s a terrible idea for the borrower. You’re slugged with high interest rates plus penalties if you miss those repayments.
It’s a tough situation to be in, unfortunately. You need the cash but you don’t want to go into that downward spiral. Cash Stop Financial Services have good reviews but aren’t really the solution for you.
Instead, consider getting in touch with us today for assistance.
Penalties for borrowers