The Debt Free Community serves to expose the dark and somewhat creepy industry of payday lending, with high bank interest and fees.
CashnGo is on our radar with their RISKY high interest payday loans, so this review was necessary. You should really read this first before starting.
Here’s the thing: You’re struggling and there are people trying to take advantage of you. They’ll offer you a leg up, but then crush you with HUGE loan interest.
Let’s dig further.
Short term finance providers are jumping up all across Australia. It’s clear that the economy is in dire straits.
Now here’s the thing, these payday lenders are trying to take advantage of hard-working individuals. How? Very high interest (30%) and big fees if you default.
CashandGo operates in the same way and while we see many people praising them with online reviews, we just can’t vouch the same way. These borrowers haven’t scored themselves a good deal.
Instead, what you should focus on is getting yourself a better deal. Do that first before lodging that loan application which puts a mark on your credit report.
Financial risks with payday lending
People take out payday loans across Australia every single day without realizing the consequences of their actions. Most are just completely unaware actually.
What’s the actual problem though? Well:
- These payday loans come with very high intererest.
- People often struggle to actually pay them off properly.
- If you miss a repayment, then expect harsh penalities.
- Borrowers often use them to serve other loans (bad idea)
Payday lending is synonymous with people going into deep financial strife all over Australia. It’s risky for the lender so they want to charge high interest on the loan.
On the upside, you can get cash quickly, often the same day. That’s alright if it’s a total emergency (your dog got sick for instance) but not a good idea if you’re just taking out a payday loan to feed a gambling addiction.
The Debt Free Community is against these types of loans for the numerous reasons listed. They are just too risky and people are often irresponsible with them.
We’re not here to recommend another payday loan provider. They’re all the same really.
Here’s how they work:
- Find a poor individual who’s in need of cash quickly
- Promise same day cash…but with a huge red flag: high interest.
- Penalize the individual further with additional loan interest if they default.
This often puts people on a continuous downward spiral that they struggle to get out from. A real case of long term pain for what was initially a short term gain on someone else’s money.
Instead, we can propose:
- Talk to your current creditors who can help you with repayment terms.
- Speak to the National Debt Helpline on 1800 007 007 for free advice.
- If you’re being harassed by debt collectors, then speak to us as well 🙂
And if you need quick cash:
- Sell your unwanted stuff on eBay or Gumtree quickly.
- Get yourself a part-time job for supplementary income.
- Ask friends or family if they can help you out in these times.
Because in our opinion, payday loans should be an absolute last resort.
We’d love to be more optimistic in this review of Cashngo but we can’t.
We just gotta be real. And the truth is…these loans are just a bit sharky.
Debt collection often follows payday loans, with collectors knocking.
In summary: CashnGo Australia
We know the economy is doing it tough, just like you probably are.
Unemployment is up and so are interest rates. Look at these payday rates!
If you enter into short term financing agreements, typically it’s hard.
Because what happens is that you go into an endless cycle of more debt.
Eventually, you might have to file for bankruptcy which is very bad news.
Instead, consider the alternatives we shared above. Or get in touch today.
As we’d hate you to be another victim of high interest payday loans.