Stressless Money appears to have stopped lending and for good reason – what they were offering was not good value for borrowers.
If you’re looking for more stress in your life, then payday lending is a great idea. But really – who wants more stress?
Let’s detail 4 reasons why Stressless Money is no good for payday loans with their borrowers experiencing more stress in their lives. Are they dodgy?
We don’t believe so, but they have closed shop for now. Wonder what’s happening!
Because we know that you’re struggling and trying to get a grip on things. Life is tough and the economy isn’t doing well, but there is some light at the end of the tunnel.
Stressless Money Australia
You’re looking for some instant cash, right? That’s not a good idea.
We know that you’re in a bit of strife. Overdue bills and you’re maybe out of work.
While you’re going to top up your depleted bank account, you’re going to experiencing some challenges in your future. Stressless Money should be avoided, as should every other payday lender in the country.
Here are the 4 reasons:
1. The interest rates are high
Fancy 30% interest rates? Neither do we. Because these are unsecured payday and personal loans offered to everyday Australians, you might pay up to 30% interest.
Guess what? It’s totally legal. In fact, it’s a very profitable industry too.
2. Excessive penalties
Let’s say you have a rough month and you can’t pay them for that month. They’re going to slap you hard with big penalties if you don’t return their money.
What’s worse is that Stressless Money will then call upon their debt collection agency to chase you. How’s that for being stressful?
3. Black marks on your credit history
You want to aim to keep your credit report as clean as possible. If you want to buy a new car in the future for work, then any payday loans aren’t seen favourably.
Not only that, but if you miss repayments at any time then these will also show up. Even if you do qualify for a car loan, then expect super high interest rates again.
4. The debt black hole
What is the debt black hole? It’s where you borrow money to pay back other money that you’ve borrowed. Around and around it goes.
We’re completely against the practice here at The Debt Free Community, but thousands of Australians do it every single week. Guess what? Payday lenders like this will keep lending until you’re completely broke.
Don’t for a minute believe that this process will have little to no stress. The name is quite deceiving as most people become more stressed when taking on more debt.
Go and get another job or talk to the NDS. Just find an alternative way to get some quick cash. Even selling some of your unused stuff is a great idea.
Better yet – let us look at your situation for FREE. We can even talk to debt collectors so your phone doesn’t ring ever again. How’s that for reducing your stress!
Get in touch with us as we’d love to have a chat.