payday loans Archives - Our Debt Free Family

Sometimes we get in a tight spot and need money immediately for an emergency or even money for food to put on the table. That has many people look to bad credit loans and cash advances to help them get by. ClickCashGo is a marketplace to put people in touch with bad credit loan service providers. Is it a good option for you if you’re in need of cash right now? Here is my honest ClickCashGo review…

What is ClickCashGo?

ClickCashGo is a loan marketplace that puts people with bad credit in touch with lenders. Because the site is geared towards people with bad credit, credit checks aren’t always necessary. However, interest rates can be higher on many of these bad credit loans.

The site is designed to help match people with small personal loans and other types of financing. Purposes for financing can vary widely and can be as little as $200. To qualify you must be/have:

at least 18 years old
a resident of the United States
income of $1,000+
an active checking account in your name
employed for a minimum of 90 days

You also won’t be able to submit information for ClickCashGo if you are located in my state (Georgia) or any of the following states:

Arizona
Arkansas
Massachusetts
New York
Ohio
Pennsylvania
West Virginia

My ClickCashGo Review

Personally, ClickCashGo isn’t something I would ever use myself. There is no reason my husband or I would look into a high-interest payday loan or cash advance. However, I have been in those situations in the past. If I was looking for a loan like this, would ClickCashGo be a good option?

Well, ClickCashGo is a site that puts you in connection with loan service providers. While it is not the provider itself, it collects information that can give you good loan matches. For people with bad credit, ClickCashGo can find loans that can cater to your specific needs (up to $5,000). The bad thing is ClickCashGo does partner with some not-so-great lenders. Interest rates on loans through the marketplace can be up to 35.99%.

Thankfully, you are not obligated to pay anything unless you accept the term agreement. If you do not accept, you will not be held responsible for payments.

A Note on Transparency

When you look at other review online of ClickCashGo, many people note transparency being an issue. Some sites have the service as low as three out of 10 stars for transparency. In many cases, this is because terms were not always made clear. ClickCashGo can also give your information out to loan service providers. Some applicants did not believe ClickCashGo was transparent about their contact information being given out.

Conclusion

When it comes down to it, ClickCashGo is still a payday loan and/or cash advance service. Unless it is absolutely necessary, these types of loans should be avoided at all costs. Not only are they typically higher interest, but they will also continue to keep you in the mindset that living on debt is okay.

To truly further your own debt freedom goals, make loans like this mentally not an option. This will help keep you from falling victim to predatory lending or picking up unneeded debts along the way.

Readers, have any of you used ClickCashGo or similar services? What was your experience?

Amanda Blankenship

Amanda Blankenship is the Director of Social Media for District Media. In addition to her duties handling everything social media, she frequently writes for a handful of blogs and loves to share her own personal finance story with others. When she isn’t typing away at her desk, she enjoys spending time with her daughter, husband, and dog. During her free time, you’re likely to find her with her nose in a book, hiking, or playing RPG video games.

www.savingadvice.com

How to Spot Predatory Lenders

Predatory lenders are everywhere. These lenders are referred to as being predatory because they tend to target people with bad credit, a lot of debt, and low incomes. Most of the time, they don’t truly care whether you can pay the loan or credit card off. Not to mention, most types of predatory lending also comes with a high-interest rate.

Consolidation loans and other quick-money loans can be tempting, especially if you are struggling financially. However, taking on new debt with a high-interest rate will only add to your financial stress in the long-run. You can typically identify predatory lenders by the wording used in their offer. They will use the words “guaranteed approval,” “payday loan,” “bad credit, no credit,” or “money now.”

Avoid Offers Like “Guaranteed Payday Loan No Third Party”

I’ve had a number of these “Guaranteed Payday Loan No Third Party” offers come through my email and land in my mailbox. At times, it can be hard to turn down the extra cash. Many of the lenders even market the offers as a “consolidation loan.” Having read/seen the mistakes myself and others have made, I know better than to fall victim to one of these lending traps. Here’s why…

They simply continue the cycle of debt and feed into it. Payday loans, guaranteed approval loans, and most bad credit loans are feeding into the cycle of debt. Generally, the interest is so high on these loans they are practically impossible to pay off.

No loans are guaranteed. If anyone guarantees you approval for anything, especially if your credit is bad, it should be a huge red flag. You’ll likely end up paying three times the amount of the loan.

Almost all of the “guaranteed” loans come with a high-interest rate. We are talking 22% interest and higher. If you’re already struggling, this will be nearly impossible to keep up with.

You may have to provide collateral to be approved. Some guaranteed approval loans require you to put up your house or car as collateral on the loan. Don’t do it! You don’t want to

These lenders don’t honestly care about your ability to pay off your loan. As mentioned above, many of these companies are feeding into the cycle of debt. If they are guaranteeing you money without knowing anything about your finances, they don’t care about your ability to pay it off or your financial freedom.

Even in the tightest financial situation, you should avoid these predatory loans at all costs. Consider getting a loan from a friend or transferring some of your debt to a credit card with a lower interest rate. Whatever you do, try to avoid anything that guarantees approval.