Short-term Loans – Long-term Pain

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 and live in the Toronto area, call us at 416-498-9200 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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Ready to live debt free?

I cannot emphasize enough how thankful I am for Jackie Stanley's help with filing for bankruptcy.All of us dread being put in this position and we have a million questions about the process but trust me Jackie makes it so easy for you that you don't have to do anything yourself!She is very kind and friendly and puts you at ease right away. She emphasizes with you and let's you know it's not your fault.Most importantly when you leave that first meeting you will not believe the load that is taken off your shoulders. You can actually feel it!You are a godsend Jackie and I can't thank you enough!!I hope you are highly valued there as much as you are by me!
Sue Murray
18:45 05 Dec 21
Putting together and executing a Consumer Proposal can be daunting, that is unless you work with Cori Naron at David Sklar & Associates Inc. Cori's advice and support has been instrumental over the past five years. Thank you Cori!!
Barry Kuntz
20:37 01 Dec 21
I’m very happy with the services I received for Jackie Stanley who helped me get my finances in order. It was a quick and easy process & all of my questions were answered.
Amanda Frappier
01:18 19 Nov 21
I have had the privilege of being supported by Jackie at David Sklar Associate. She was very helpful, very professional and very friendly. She gave me the help I need. Thank you Jackie for your help.
Alex Taylor
22:03 17 Nov 21
Got my probe solved, great service
arny raposo
17:02 11 Nov 21
Jackie at Daivid Sklar and Associates is such a pleasure to work with. She explained everything in great detail and is always there when I have a question or concern. She really cares about her clients.
Steve Medica
09:33 10 Nov 21
I filed a proposal with another group, which came in as a referral from one of my brokers. My experience went from ok to bad to worse, due to lack of communication and education on the process I was to embark on. I worked with Cori Naron in the past, and I came to her now for help on literally doing the work that the other group should have done. Cori stepped in, educated me, advised on rights, responsibilities, how the process works and what potential outcomes may happen. I do not have enough words of recognition and gratitude for what she did - she alleviated stress, anxiety, dead-end thoughts and she made me live again. Congrats to DSklar for hiring her and retaining such talent.
Giani Kokolakis
18:45 25 Oct 21
Very professional service. Before contacting David Sklar & Associates i contacted bunch of other firms they seemed fishy. After I spoke with Jason Sklar at Hamilton Office I discovered professionalism with hope. I was explained every step of my situation with solution professionally. Thank you David Sklar & Associates.
Wajay Awan
07:29 12 Oct 21
I met David a few months ago and i am glad I did. He has helped me all the way through my bankruptcy with good advice and explained every step of the process. David is a very down to earth and very professional. Anytime I've had a question I was able to reach out to David by phone or email and he always got back to me. If your struggling with your bills and need a way to get help, I strongly recommend David Sklar &Associates to help you. My experience with them on 1-5scale would be a 5;; My life is so much better now, thanks to David Sklar.
Bruce Locke
16:13 08 Oct 21
I have had the privilege of being supported by Jackie S, at David Sklar n Associate.She was helpful, professional and friendly. I was able to get the help I needed at a difficult time in my life. I would recommend anyone who needs support with working out their debts to ask for Jackie, she will be waiting to assist however she can to help you through your debts. She works with a team who is always ready and responsive.Thank you Jackie and your team:)
Denise Simpson
15:17 09 Sep 21
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