5 Worst Possible Ways You Can Borrow Money

In this clip from our show ‘Believe’, we help you with “Money & Business.“

“5 Worst Possible Ways You Can Borrow Money

• Payday loans are the worst ways you can borrow money. These loans can charge high fees and interest rates.

• As long as you own a car that still has value, you could be eligible for a Title Loan but could lead you to losing your car if you are unable to repay the loan

• Avoid cash advances from credit cards, as interest rates on these can be as high as 25 percent.

• Reverse Mortgages are not good loans because when the borrower dies or sells, the full payout is required.

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  • Monster Purrsheen

    Payday loans are the worst and most people get stuck in the cycle always owing money and getting farther and farther behind. The worst thing I’ve done was accrue a serious debt on a credit card that I’m still working on paying off. After this happened and my parents refused to help me out, I quickly learned to not buy unless I have the money for it.

  • candidanderson

    I can’t stomach the enormous interest of payday loans or the emotional fallout of a personal loan from family. It’s best to work a few side jobs until you can save up for what you need.

  • Crystal Clear

    Right after college I made all of the mistakes with borrowing money. I didn’t listen to my parents and got myself in a big bind. It took me years to get it under control and now I don’t like to borrow money at all. The only loans I have are for my home and for my car.