Short-term Loans – Long-term Pain

Table of Contents

Don’t Play ‘Their’ Game

Ever wondered what happened to ‘loan sharks’. You know, those shady guys that people would borrow a few dollars from and end up owing twice the amount in a very short time?

Most of them got squeezed out by short-term loan companies.

Short-term loan companies come in many flavours – some offer payday loans, some offer loans on collateral (usually cars), and some offer personal short-term loans.

Whatever the flavour – the interest rates charged are scary high – and can lead to a dependence on short-term loans. Repayment of these high-interest loans usually means that there is less money left to deal with the next emergency which leads to taking out more loans.

The good news is, they don’t use guys threatening to break your legs to get their money back – the bad news is they use collection agents.

But I NEED a Short-Term Loan

When people are desperate enough to use a short-term loan company – they don’t usually care that they will be paying the equivalent of 200% or 300% or even higher annual rates. They are focused on the need and not worried about ‘down the road’.

We get it. And if you only ever use these short-term companies once or twice, it is not the end of the world. But what we are seeing are increasing numbers of people with multiple, unpaid short-term loans who have been put through the wringer by collection agents and are at the breaking point.

No Way Out? Way

Of course there is a way out and usually multiple ways out – lets examine some:

  • If you are in too much short-term and other types of debt to ever be able to pay it off – you can file for bankruptcy or a consumer proposal to get out of debt.
  • If you are able to pay off your short-term debt – do it. Cut down on your expenses and/or take a second job until they are all paid off.
  • Set up an emergency fund so you won’t need short-term loans for emergencies. Cut down on your expenses and/or take a second job until you have a fully funded emergency fund. And then only use your emergency fund for real emergencies.
  • Set up a realistic and doable budget. Then cut down on your expenses and/or take a second job until all of your debts are all paid off. Stick to your budget, even after you have paid off all your debts.

Are you noticing a common theme here? Cutting expenses and increasing income to get your finances in order. It can be hard to do, but ultimately it is a rewarding way to take control of your finances.

Too Low an Income?

We all know that lower-income people are the main target of short-term debt companies.

But just because you are a target does not mean you cannot be in control of your own finances.

There are many people on low incomes who are not in debt, not getting collection calls, and enjoying their lives.

You Are Responsible for Your Own Finances

Don’t be a victim – take control of your finances – and get on with living your life.

 

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt, call us at 1-844-962-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

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The team at David Sklar and Associates Inc are very professional and are willing to help you get out of debt. Highly recommended.
Melissa MacKenzie
12:35 29 Mar 23
I would like to thank the team at David Sklar and associates inc. for all the time and effort they put in to support this process for me. This topic can be challenging to disclose but a big thank you to Christine for going above and beyond in guiding me through all my options and supporting me through the decisions. I cannot recommend this group enough , as they have shown me compassion , knowledge , and understanding throughout the entire process. I look forward to the next step of this process and learning how the proper way of becoming financially educated through the support of their financial counselling team. For anyone who is struggling , just know that there is a wonderful group of educated professionals at David Sklar who are available to help!
Michelle Plouffe
18:45 14 Mar 23
It took me awhile to get up the courage to contact David Sklar but I’m so glad I did. Trina walked through my options with me and provided the knowledge I needed to make a decision to help turn my financial situation around. She is patient and empathetic and answered any and every question that I had. Trina provided me the reassurance I needed that I was making the best decisions for me and my family. I’m so happy that I reached out and now have a plan to get back on track.
M. Mackenzie
19:59 12 Mar 23
Trina was very helpful and thorough.
Sam M
15:26 12 Mar 23
Christine was very helpful, kind, and understanding. She explained everything thoroughly, answered any questions I had, and was responsive to any concerns I had. 100% would recommend
Katherine Campbell
17:29 08 Mar 23
Jackie Stanley is excellent she took the time to explain everything to me and I am so grateful to her for giving me a fresh financial start so if you have any doubts don’t and go see her if you want to achieve financial freedom!
Heather Helfield
21:24 06 Mar 23
Amazing friendly staff that knows what they are going. They make a difficult situation not so bad. Would give 10 stars if I could.
alie Balan
22:37 25 Feb 23
Very helpful and kind and gave me all the available options before helping me decide which one was best for me. I would definitely recommend Jackie
Alison Rivard
01:01 21 Feb 23
Great experience i was in financial trouble and someone of my friends recommended this company. Cori is a wonderful and welcoming person she did a very good job and came up with a smooth and flexible monthly payment after the reduction. i highly recommend this company. Thank you David sklar and special thanks to Cori.❤️🙏🏻
Jasmine Joseph
22:08 13 Jan 23
Met up with Mr. Jason Sklar to discuss more in person, very thorough and clear. He is very kind and thoughtful, I will be referring anyone with the same situation to David Sklar & Associates.
Ariel Domingo
02:33 29 Dec 22
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