These loans must be avoided.. ? Do you know why?

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These loans must be avoided..!? Do you know why?

Many people think that they shouldn’t take out loans. But at the end of the month we will be forced to borrow. This will be inevitable in middle-class families earning a monthly salary. However, experts say they can avoid taking out certain loans. Why do they say to avoid only certain loans? What is the reason for that? Just take a look.
payday loan:
It is impossible to avoid borrowing in the current times, but avoiding payday loans is very important. Such loans are especially taken out by small business owners, small shop owners and individuals who have businesses in the daily market as private individuals. You have to buy it in the morning and pay in the evening. Interest rates on this type of loan can be very high. So this should be avoided.
Car Title Loan:
A car title loan is typically a high-interest loan. You can hand over your vehicle and only get it back with interest in one month. Interest rates on such loans are usually high. If payment is not made on time, the vehicle can be sold.
Credit card advance:
In order not to use credit cards unnecessarily, some people take advantage of credit card advances. Thereafter, interest may continue to accrue as interest. The interest rate is very high. If you don’t pay it on time, the penalty is very high.Casino loan:
Such loans are very rare in India. However, such loans are loans that should be avoided. Such loans are used to promote sport abroad.
pawnshop:
Many people can have this experience. We usually get such loans by pawning our jewelry. Failure to pay these debts on time can result in your property being auctioned off. These include term loans with a smaller amount for more expensive properties in rural areas.

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