Australia is in the midst of a payday lending nightmare, and a loan with Good To Go Loans could be a very bad idea, with reviews backing up this claim.
Taking out any type of finance is something we’re against here at The Debt Free Community. Our aim is to share lots of resources and help you through these tough times.
So in this guide, we’ll explain our viewpoints about payday lending practices and why we’d love to see ASIC playing a bigger part.
Good To Go Loans Review
You might be searching online because you’re unsure if this is right for you.
Truth be told…this probably isn’t right for you. Payday lending is a terrible idea.
Today, ASIC is right on to cases of dodgy and illegitimate payday lending practices.
That said, Good to Go Loans does appear to be well rated through online reviews.
But there is still the key problem here: Payday lending. If you’re not sure, watch this:
That video is quite the eye-opener, isn’t it? Taking out a payday loan can be a terrible idea for just about anyone, with financiers often dancing around Australia’s tough consumer lending laws.
So it’s unfortunate that we can’t give a good review of Good To Go Loans.
This is because the interest rates you’ll be thrown are quite significant.
Not only that, but expect to get hit with a lot of additional fees + interest.
Even if you do pay it off. Some people struggle, even with low amounts.
That said, there is a way around this message. Let’s have a look at alternatives.
Alternative options
We highly discourage people from payday loans. They just make us…sick.
At the same time, we understand that life throws at you some considerable curve-balls.
You know – you actually need money TODAY. Something has come up, hasn’t it?
Here’s what we would recommend if you’re in dire straits:
- Speak to the National Debt Helpline. They often help people like you.
- Get a 2nd job or contract gig. Use resources like Airtasker and Uber.
- Sell some of your unused stuff for cash. You probably have too much stuff.
Now if you’re already being chased by debt collectors, then it might be a good time to get in touch. The Debt Free Community can also help you.
Taking out a payday loan to service an existing debt is literally fighting fire with fire. It simply doesn’t work we’re afraid.
You’ll need an additional income stream that can put REAL money in your pocket.
In this day and age, with so much technology, there are so many good options.
For example, many people have resorted to working online from home.
This is one great example of choosing to be proactive, instead of taking out another loan.
Because the spiral of debt is real and continues to catch more Australians daily.
Like a grip that you can’t escape from. You’ll likely be in deep water for years.
All for a quick big of cash that you needed immediately. Not good.
Short term game…long term pain. That is no way to live.
In closing
Think that taking out a payday loan is a wise idea? It’s not! It can be a terrible idea.
This is because you’ll be hit with significantly high interest and payment terms.
It’s all in favour of them with you just getting a rotten deal. Certainly not recommended.
Good To Go Loans is riding on the gravy train of highly profitable payday lending.
Fortunately, ASIC has this entire industry under tight scrutiny to protect consumers.
And here at The Debt Free Community, we couldn’t be happier!
