Chargebacks911® COO Offers Industry Insight for OppLoans Blog
Monica Eaton-Cardone, a leading expert in the payments and finance space, recently offered her expertise for a new feature on cash advances for the OppLoans Blog. As she explains, taking out a cash advance or payday loan can be very risky if you’re not able to pay off the loan quickly.
OppLoans is a service that offers affordable borrowing with fast funding to help customers get the money they need. The company’s blog is a popular consumer-facing resource for insight on lending, finance, and fraud prevention.
As Monica explains in the piece, taking out a loan can be a dangerous prospect if you’re not sure you can meet your obligations. “Simply, if you can’t afford the amount withdrawn from your account and aren’t able to pay it off within a couple of months, you’ll be classified as a riskier borrower,” she says. “Any form of delinquency will increase the perception of risk, as lenders don’t trust individuals who can’t fulfill their current financial responsibilities.”
Failing to pay back a loan quickly can damage your credit. You will appear to have a higher risk profile, making it difficult to secure future loans. This could put you in a precarious situation, or at least force you to pay higher interest rates on future loans.
“If you decide to get an advance, make sure you will have enough to cover the interest and cash advance fee within a reasonable timeframe,” Monica explains.