Easy loans can trap you in a debt limbo, where you are forced to live from payout to payout.
With easy loans, your next salary payout forms the loan collateral. So, once you receive your monthly income, you are obligated to pay the lender back the agreed upon instalment and interest rate. Some lenders may even require that you pay them your subsequent salary payout in full.
In order to repay easy loans, the money will either be directly debited off your bank account or you’ll have to transfer the full or agreed upon amount, as soon as your salary is deposited into your account.
Easy loans are unreasonably expensive, as the interest rates, instalments and fees often exceed the original loan amount. In a sense, you are simply borrowing easy loans over and over again, month after month.
Lenders charge hefty rates for easy loans so that outstanding balances don’t cut into their revenue. In tough economic times such as these, lenders attract hordes of desperate, ignorant borrowers.
As a result, lenders make outsized profits, while borrowers struggle to simply survive and make their ever increasing payments on time and in full.
Their living standards suffer, while their mental and physical health are eroded away by the stress of living hand to mouth, without any savings to fall back on in emergencies.
Borrowers can’t afford their bills after easy loans repayments are deducted from their salaries, so their electricity is cut. This means no light at night time, no hot showers and no hot meals.
They can’t afford their transport costs – their bus tickets, taxi fees or train tickets. They cannot afford to have their cars serviced or to have their tanks filled up with petrol. This means they cannot get to work to make a salary, so they can afford to buy food and feed their families.
Instead of making the big mistake of taking out easy loans, contact NDA now and we will get you on the road to financial freedom immediately.