There are a number of dangers associated with internet loans. Here are just few of them that many many of our clients have experienced:
- High interest rates: Internet loans often have very high interest rates, which can make it difficult to repay the loan.
- Aggressive collection practices: Internet lenders may use aggressive collection practices, such as calling you at work or sending you threatening letters. These practices can be stressful and embarrassing.
- Identity theft: Internet lenders may not have adequate security measures in place to protect your personal information. This could put you at risk of identity theft.
- Hidden fees: Internet lenders may charge a variety of hidden fees, such as origination fees, late payment fees, and prepayment penalties. These fees can add up and make the loan even more expensive.
If you are considering taking out an internet loan, it is important to be aware of the risks involved. You should compare interest rates and fees from different lenders before you choose a loan. You should also read the terms and conditions carefully before you sign any paperwork.
If you are struggling to repay an internet loan remember that these loans can dealt with in bankruptcy.