Another day and another payday lender charging borrowers insanely high interest rates and this time it’s SpotMeNow payday loans in Sydney. Are they dodgy?
We think they’re quite legitimate but they don’t offer attractive terms and conditions. Our experience in this industry shows that borrowers routinely get in trouble.
If you’re looking for a bad decision to make this week, it’s taking out a payday loan. You’re signing a contract where the odds are massively stacked against you. The house wins every time, I’m afraid.
SpotMeNow is a company who is focused on making a profit from you, as is any business really.
Let’s take a look at the problems here.
It sounds so easy when you see marketing signs that say “Instant cash now” or “No credit checks”. You’re in a tough spot and this is exactly what you think you need.
Truth is, you don’t need any of this. You just want it because it’s easy.
They lure you in hoping you’ll take the bait. Once they’ve got you signed up to the contract which you never really read properly, then that’s it! They’ve won!
We’re talking 30% interest on their payday loans here. Not only that but excessive interest if you default on any monthly repayment. Guess what? Many people who do take out these payday loans actually struggle to repay them.
SpotMeLoans is one of the good guys with a solid customer service team who takes the time to read applications properly. They just can’t be perfectly accurate but they do their best.
The downward spiral of payday loans
The issue often is the borrowers. Some of them lie on their applications because other banks have rejected them.
Most of them don’t realize the downward spiral that they’re heading down with these payday loans. They take out debt to pay back other debt, like a constant merry-go-round.
It’s disheartening to hear sad stories. The Debt Free Community was created to stop people from making irrational decisions and to also help them in times of need.
We feel that payday loans are 1 step forward and 2 steps backwards. That’s no way to make decent progress in your life, even if you think you’ll make the repayments.
Other people take out such loans to feed addictions. Please call Lifeline Australia if this is you as they are more than happy to help with free counselling services.
Interest rates can be a killer
As we’ve already said, the interest rates on offer can be a killer. We’re looking at 30% here which is legally the highest they can charge.
Why do they charge so much? Because they believe you’ll default on the loan. Others have and so it’s risky for them to lend out this money without the security of a house or car to go by.
Did you know that you can get a discount on your current credit card interest rates? It’s something we pride ourselves on helping people obtain. Not only that but this applies to car loans and personal loans too.
Maybe you’ll want to get in touch with us. We can also stop debt collectors from calling you because we know how crazy that can be. Any fears you had about them knocking on your front door can be eliminated.
SpotMe Now cash loans offer quick financing but at excessively high rates. The borrower (you) gets stuck with a bad deal.
Instead, you should focus on what you can do without payday lending. Can you sell some of your unused stuff or get a loan from a friend? This is almost always a better deal for you, despite you having to swallow your pride a little.
Taking out loans to pay other loans or make debt collectors go away is a terrible idea. Why not just use us to make them stop calling you? The Debt Free Community is here to help.
Get in touch with us right now and let’s see if we can help you.