Enably Loans: Are They Worth The Stress For Borrowers?

We’re looking at the short-term money market very closely here at The Debt Free Community, given the stress it often places on borrowers with lenders like Enably and many others.

You’ve probably seen some signs around “Instant cash today” or “Super fast approval” and because you’re having a tough time, you decide to apply.

Truth is, personal and payday loans are often challenging for individuals to keep up with. It’s like entering a contract that sends you backwards in life.

We’ve experienced borrowers using loan providers like Enably and struggle to keep up with their monthly repayments. It’s quite distressing and risky too!

If you’re one of those people who question if you’ll be able to keep up, well…you probably won’t be able to. Only months later will debt collectors start knocking.

Enably Loans

They claim to be an innovative leader, but it’s just online lending. They provide payday and personal loans where you can get deposited the funds sometimes on the same day that you apply.

Unfortunately at the time of writing this review, we found the Enably website to be down. Have they gone backrupt themselves?

It’s interesting as it’s often borrowers going for bankrupcy than the lenders. This is because you’ll be hit with 30% interest rates.

Enably Loans Australia Payday

Quite clearly, it isn’t worth the stress for borrowers. There are often much better alternatives than taking out a short term loan to pay your bills and expenses.

You can often expect:

  • Seriously high financing rates (30% is common)
  • Severe penalties if you default on the loan itself
  • Reduced likelihood of taking out finance again
  • More stress added to your existing challenges

This is quite unfair. They take advantage of your dire straits by offering you very unfair terms and conditions.

Truth is, most people don’t read the Product Disclosure Statements from these lenders. They just sign up for a bad deal, much to the support of these banks.

If you hate the banks so much, why borrow from them? That’s how we feel.

After all, the payday lending market is very profitable right here in Australia.

How we can help

Are you being chased by debt collectors? Enably don’t do their own internal debt collection, instead using a 3rd party agency.

Maybe you got a text message saying “Please contact us immediately regarding your overdue loan repayments!” – Be warned, you gotta take this seriously!

Do you want to deal with all that stress? We can help by talking to debt collectors on your behalf and negotiating a better deal. Potentially we can reduce what you owe as well.

We recommend that you get in touch with us today as there are numerous friendly options available.

In summary

Enably seems to have gone down? At least they are no longer in operation.

At the end of the day, their loans were often not so good value for borrowers.

Good value comes in the form of helping others. We’d love to help you through these challenging times ahead.

Get in touch with us here at The Debt Free Community today and let’s see if we can resolve your issues.