Spondooli with their funny name is on a mission to make a fortune from Australia’s desperate and vulnerable borrowers. We’re going to take you on a journey as to why that is.
The country is in severe debt and we’re looking at a looming recession. Unfortunately, it means that people are more willing to make risky decisions that will negatively affect their future.
Spondooli payday loans are risky, despite claiming to be not doing credit checks. Borrowers often don’t see the sky-high fees and penalties.
Let’s see why that is in this guide.
You’re probably having a tough time right now. The rent is due or bills are overdue. Now you’re scrambling to make some dough.
These guys like to lure in with their bait: “Instant cash deposited today into your account” and other such claims. And look, it’s true. They can often give you some cash today, but there’s a catch.
The catch is…it’s going to negatively impact your future. You’re going to be up for an experience that will leave you bitter if you knew the real truth.
Many borrowers are in such a rush to get the finance that they don’t read the fine print. It’s right there in black and white.
Let’s take Spondooli’s own website for instance. They explicitly say this:
A comparison rate of 65.6597% p.a. applies to loans between $2,001 and $5,000. This comparison rate is based on an amount of $2,500 over 2 years and a $400 establishment fee.Retrived from the Spondooli website in March 2020
Now that’s crazy! YOUR INTEREST RATE IS 65% 😲 (Who would do that?!)
You’re basically signing yourself up for daylight robbery in your quest to get some instant money to pay those bills. It’s scary.
What is really happening? They are profiting off your misery. 🤨
You’re doing it tough and they know you need the cash, so they hike up the rates because they think you’re not going to be able to pay them back.
Even if you struggle to pay them back and miss a repayment, you’re up for additional fees. Talk about knocking someone when they’re down.
It’s a debt trap: Don’t do it
Yep – you read right. You’re about to walk into a debt trap that’s hard to escape from.
We’re massively against payday lending here at The Debt Free Community. It’s not our cup of tea and the lenders hate us! They hate that we publish content like this.
Let’s look at this story:
Don’t go down this path as it’s often disastrous for your future.
Some consequences include:
- They might mark your credit report which could impact car loan finance potential in the future
- You’re going to be stuck with super high interest rates designed to make them a big fortune
- If you do miss a repayment, expect to cough up even more money from them
You might even get debt collectors representing Spondooli harassing you for repayments and potential Court action. And remember, this all started from you just landing on their smooth-looking website where you could click some buttons and apply for a loan online.
Is it worth it? No.
You’re so much better than this.
Alternatives to Spondooli
Guess what? There are no payday lenders who are any better than Spondooli. They’re all out there waiting for you to take the lure so they can rope you in for their gain.
Instead, we recommend you do things which are sustainable.
These might include:
- Merely asking some friends and family for a quick loan
- Selling things that you no longer use like electronics or jewellery
- Getting additional work. Job recruiters are everywhere in Australia
- Using platforms like Uber or Airtasker for some easy weekend gigs
- Asking Centrelink for a pay advance (They can sometimes do this)
- Talking to your existing creditors for payment extensions
- Asking us to talk to debt collectors for you (How cool is that?)
You too can join the ranks of people who are avoiding these money-hungry payday lenders and those who are keen to live a debt-free lifestyle. At least, not right now but you’ll be starting the journey.
When it’s too expensive
It’s clear that it is way too expensive to take out payday lending from anyone. Even personal loans are expensive around the 20% mark.
You might be doing it tough with credit cards and personal loans. Are you overwhelmed with all your responsibilities? Can you see the struggles?
If so – you might want to talk to us. We’re happy to listen to your stories about why you’re struggling and hopefully we can stop those pesky debt collectors from calling you all day and night.
Payday loans aren’t the solution because reducing your debt is. This is why we created this website to help individuals like you in challenging times.
Australians continue to get a rotten deal with payday lenders every single day. They simply don’t understand the risks involved and the consequences for their future.
We want to get you on the right road, not the wrong one. We’d love to hear from you in regards on how we can work together and sort out these issues.
Book yourself with a FREE discovery call, because we know that 40% interest rates are not valuable. What is valuable is helping others and that’s what we’re about.