The Debt Free Community has an official warning for those considering payday loans.
It sounds attractive, doesn’t it? Fill out some basic information and BAM! Get some cash into your bank account.
But stop, it isn’t that easy! You’re up for a rough ride if you think that they have your best interests in mind.
In this Swoosh Finance review, we’re going to share why we believe dodgy payday lending is RISKY and could end up costing you thousands of dollars.
It’s not an attack on them per se but the entire industry. We’re out to help the general public get a more informed view of what the real cost is.
Review of Swoosh Finance
You’ve probably been searching online because you want to know if there are any reviews of Swoosh Finance. After all, their own website sounds so inviting.
Luckily, The Checkout paints a very clear view of what to expect:
Sounds a bit dodgy, doesn’t it? They actually operate very legally and legitimately under Australian regulations.
The industry is actually quite profitable. When Swoosh Finance gives you a payday loan, they put 30% on the top and can keep re-lending that money again and again.
They even expect you to struggle and miss repayments. This is why if you look in the fine print, there is a clause that shows the excessive fees that they will charge you.
But it’s not all that bad. If you need the cash for a genuine emergency AND you know that you 100% can pay it back on time, then it could work out for you.
Genuine payday loan needs
What we’re talking about here is real needs for payday loans.
Like let’s say you’re needing new uniforms for that new job you got, or a car to get yourself to and from there. Then YES – a payday loan could be a good idea.
Another one is medical expenses. Sometimes you just gotta do it in order to avoid pain. Vet bills is another one.
Next, we’ll talk about not so legitimate reasons.
When Swoosh Finance isn’t a good idea
Many people actually get payday loans for the wrong reasons.
It’s sometimes to fuel an addiction, and if that’s you, then please call Lifeline Australia. You’re only creating bigger wounds if you continue down this path.
Others are taking out loans to pay existing debt. This is NOT a good idea at all!
Swoosh Finance payday loans should never be used to pay off credit cards, personal loans or car loans. That literally is fighting fire with fire.
If you’re struggling with too much right now, then please get in touch. The Debt Free Community can help you through these challenging times ahead.
One thing we always recommend here is to sell your own stuff on Gumtree.
Chances are that you have some stuff around the house which you’re not using.
You could also get yourself a job in the evenings or weekends. Some extra income.
Others resort to driving for Uber or jumping on Airtasker. These are awesome ideas.
Payday loans, especially from Swoosh Finance, is the very last option you should ever consider.
You can even get a payment extension from most creditors and service providers. Seriously! Call them up as they will be willing to work with you.
We’re not a fan of crazy high interest personal loans as dished out by cowboys in the industry.
Australia is already going through a debt crisis and we don’t want to make it worse.
Instead, focus on knocking down debts as best you can.
If you happen to be hassled right now by debt collectors, then please get in touch.
We know it’s a little embarrassing but we can talk to them for you over the phone.