Menu
Home
Advertise
Forums
Search forums
What's new
Unread posts
New articles
New article comments
Latest activity
Earn Money
Money apps
Passive Income
Paid Survey
Forex
Stock
Real estate
Paid to write
Social Media Earning
Review Website/Apps
Crytocurrency
Bitcoin (BTC)
Ethereum (ETH)
Crypto Exchange
Mining
Crypto Faucet / Airdrops
Binance
Business
Business strategy
Funding a business
Marketing
Digital Marketing
Social media marketing
Email marketing
Brand management
Personal Finance
Money Saving
Retirement
Personal loan
Savings for Students
Debt help
Tax relief
Insurance
Car Insurance
Life Insurance
Liability Insurance
Home Insurance
Health Insurance
Disability Insurance
FAQ
Log in
Register
What's new
Search
Search
Search titles only
By:
Search forums
Menu
Log in
Register
Install the app
Install
Home
Forums
Money Making Forums
Personal Finance Forums
Personal loan
Beware of getting loans with ATM card as collateral
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
[QUOTE="Alexandoy, post: 115989, member: 25510"] In our country it is common for lenders to hold the ATM card of the borrower as collateral (with a certification from the borrower to avoid legal trouble). Take for instance a minimum wage earner who needs big money to buy a motorcycle for his daily travels. He would borrow money and surrender his ATM card so that the lender can withdraw the borrower’s salary every payday which is the installment of the loan. Usually loans like this is usurious with high interest rate of 20% for a month or 2 months or even 3 months, that’s still very high. Making it worse is that you lose your right to your ATM card. What if there is an emergency? Lenders have no compassion but they do that to have assurance of payment to the loan. [/QUOTE]
Insert quotes…
Verification
Post reply
Home
Forums
Money Making Forums
Personal Finance Forums
Personal loan
Beware of getting loans with ATM card as collateral
Top