The Debt Free Community continues to look out for the individual who’s considering payday finance with Ferratum Cash and many others on the market.
It’s always a bit like going to a loan shark, except in this case you’re doing it online.
Ferratum Cash Loans is a company with RISKY payday loans on offer as we examine in this review. There are some dodgy people out there.
Most of them being the borrowers themselves who take out these loans to fund things that they shouldn’t. Often it’s to serve additional debt or feed addictions.
In this guide, we’ll examine what to do if this is you.
Ferratum Cash Loans Review
These signs are popping up across Australia right now. “You can get instant approval” or “1-hour loans for bad credit” are what we’re seeing through our research.
Unfortunately, it’s a really sad case. The problem is people aren’t doing it for the right reasons.
Good reasons include needing emergency money to pay for your sick dog’s vet bill. That’s a genuine need, but often your friends and family could also help you out.
Another example is where you need to repair the car in order to get to and from work safely. Sometimes you’ll find that you might get better rates from your current car loan provider since they hold security over the car itself.
But Ferratum Cash Loans does have friendly staff and some people do come in with the right mindset of actually paying them off. That we will applaud.
The ferocious cycle of payday loan debt
It’s a tough place to be in when you’ve already got existing responsibilities.
These might include:
- A car loan debt where the car is now worth less than the loan amount
- Credit card payments which are becoming overdue (maxed out too)
- Your electricity provider threatening to cut the power to your house
It’s a scary thought, so the option of taking a payday loan to ease the burden sounds like a plan.
The problem is…it only works if you actually pay it off. Most people will struggle, only later will they will get another debt to fund this debt, and around it goes.
Like a never-ending whirlpool, with the borrower going nowhere.
Ferratum Cash can be risky
Payday lending as we’ve just described can push you into a downward spiral if you’re not careful. Ferratum Cash just happens to be one of the dozens of short-term financing operations in Australia.
The biggest risk is the borrowers who are taking out such loans to feed addictions, such as alcohol. If this is you, then please contact your local counselling service such as Lifeline. Their team can get you the help you need during these difficult times.
Likewise, the National Debt Helpline is available on 1800 007 007 to field calls.
Bad debt is a tough place to get into, especially as it affects your credit rating and ability to take out further finance. Buying a house or a new car for your family is likely to be hit with more resistance when banks see that you’ve gone down the payday path.
As a borrower, you can expect high interest rates up to 30% on your loans. If you miss repayments, then expect to be slugged additional charges plus they will start to hassle you. It’s really embarrassing and they actually expect that some people won’t be able to keep up with those repayments, which is why they make a profit from the fees.
Ferratum Cash debt collectors
Did you just get a phone call or text message from the collection agency representing Ferratum Payday loans? It likely says something like: “You need to contact us immediately regarding this financial matter.”
Take that as an official warning. You need to take action now to avoid recovery action, including home visits or notices to attend Court.
How we can help
The Debt Free Community aims to empower individuals and reduce their stress and overwhelm during these difficult times. You might be struggling with ongoing repayments each and every week.
If debt collectors are calling, especially regarding Ferratum, then it gets really stressful. Instead, you can ask our team to step in and handle everything for you.
We’re here to help those who are becoming anxious and aren’t sure what to do next. A plan can be created to help you address the burden that this is placing on your life, so you can start fresh.
Ferratum is a good payday lending service provider with solid reviews easily found online. The problem is that most of their borrowers get into hot water with these options.
Taking out a payday loan in order to service an existing credit card or personal loan is a terrible idea. That’s akin to fighting fire with fire during these difficult times.
Like we say, a never-ending whirlpool with no escape. Bankruptcy is a terrible option in our opinion with severe ramifications for your future.
Get in touch today with The Debt Free Community where you can be shown a new way to handle things and get on with the important things in life.