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Borrow Money Without Being Cheated

January 18, 2019 | Louis Tully


We may not like to admit it, but borrowing money is absolutely essential these days. Think about it. Our homes are funded by mortgages, our cars by auto loans (or leasing arrangements), and as for everything else, we use credit cards to fill in the gaps. So it’s no surprise to learn that the vast majority of Americans owe money.

And you know what? That’s okay! It’s not irresponsible to borrow money. What’s irresponsible, is to borrow money from a lender who doesn’t possess these simple, yet important qualities:

They explain things clearly.

If the lender you’re interested in getting a loan from can’t speak to you in plain, simple English, they’re not worth your time. The only lender that’s worth your business is one who speak on your level, in a way you can understand. Only deal with a lender who can explain their product in a way that makes sense to you. After all, you should never feel confused about anything you’re about to pay money for, especially loans.

A loan is like anything else; it’s a service provided to you by a company that you (the consumer) are paying for. So, if you ever come across a lender that sounds like they’re speaking another language, just walk away. There are plenty of other lenders out there.


Nothing is hidden from you.

If a lender’s product is worth buying, they should have zero trouble being transparent about it. If you feel like you have to go out of your way just to find out about fees and APR, it’s best to just look elsewhere. All lenders are required by law to disclose the annual percentage rate, as well as all other fees for their loan products. A good lender should not only disclose this information upfront, but they should be prepared to give you an easy-to-understand break down that covers the following:

    • Balance: The amount you’re borrowing.
    • Interest Rate: The added interest you’re paying for the loan.
    • Term: How long you have to pay back the loan.
    • Minimum Payment: How much you’re expected to pay each month.
  • Number of Payments: How many monthly payments it will take to pay off the loan (if paying just the minimum).

Their loans are affordable.

Before offering a loan, a good lender will always check to see if your current financial situation allows you to pay it back. In other words, they are not going to offer you a loan unless they know you can pay them back; protecting you and them.

All trustworthy lenders will check your credit, as well as your debt-to-income ratio to see if you’re currently able to take on a loan. If they’re a good lender, they’ll only allow you to borrow what you need and only if you can afford to pay it back. Think about the story of the three bears: Too much loan makes it harder to pay back and too little may force you to borrow again. So the amount they offer you needs to be just right.


Your lender is trustworthy.

One thing you always want to do before hopscotching through all the possible lending options is to pick apart the lenders deemed trustworthy. So, how do you know which ones are ‘trustworthy’? The answer is at your fingertips: customer reviews.

Just like any other product or service, the easiest and quickest way to separate the good from the bad is to scope out the reviews. Find out what people are saying. If a lender’s Yelp page is getting smacked left and right with 1 and 2-star reviews, it’s a safe bet they’re not worth your time. Another good way to spot a trustworthy lender is simply by asking a friend or somebody in your family.

They reward you for paying them back.

Lastly, a good lender will report your timely payments to the credit bureaus. As they should. If you’re working hard to make your monthly payments on time, you shouldn’t you be rewarded for it? It’s not always easy being on time. A good report from your lender will help make borrowing a lot easier in the future. Not only that, but receiving good marks for being a responsible borrower will help build your credit up. By building your credit, you can get approved for even more affordable loans when you need them.

Not approved?

After all the searching and asking around, you may finally find a lender you trust, but what if they can’t trust you? What if they deny you for the loan you need? Don’t fret. Cash Cow Louisiana has short-term loan options for people regardless of their credit. If you’re facing an unexpected financial emergency and need quick cash to get out, contact your local Cash Cow lender today.