It has been brought to my attention, mainly through incredibly boring television ads with bad actors. That you can now apply for payday loans for your business!
I get that cash flow is an incredible hurdle to jump when you are setting up a business, but to take out a loan like this must be the worse idea you could have( unless you invented the blow up dart board).
So lets say your business isn’t doing as well as maybe you think it could do. A thought that every business owner has pretty much all day long, but to think that taking out a loan at a modest 300% APR will be of any benefit to you?
I’ve tried evry way to try and justify this type of loan, but after a few seconds I realised that its crazy. If your Bank won’t lend you some money to get by it’s probably for a great reason!
So at the end of the day, cut back, wise up and maybe try and improve your credit rating, in the hope that you won’t be giving half of your profit to a, shall we say less than moral company for the rest of your working life!
Anyway more of a moan than anything else today I’m afraid.
As always why don’t you hit up a credit rating company, there normally free for the first month, man up and sort it out!