UWR 084 – Why It’s More Important Than Ever To Avoid Payday Lenders If At All Possible
Welcome to Uncover Wealth Radio Episode 084 – In this episode, we will be talking about Why It's More Important Than Ever To Avoid Payday Lenders If At All PossibleToday, Annette Ferguson, who is the host of Uncover Wealth Radio and a pro in helping entrepreneurs take home more money from their business for them and their family to enjoy, is here to tell you all about money, business wealth and creating financial freedom Get All My Best Resources Click Here Partner With Me Here Inquire Now JOIN THE FACEBOOK GROUP! Uncover Wealth Community Connect with Annette Ferguson Website Visit and inquire on our homepage at this link: annetteandco.co.uk Facebook Keep posted on our updates and hit like on our page at this link: facebook.com/annettefergusonuk Instagram Give us a heart and hit follow to get some insights from us at this link:instagram.com/annette_fergs LinkedIn Keep updated and connected on our certified post at this link:linkedin.com/in/annettefergusonuk Twitter Follow and tweet with us on this link: twitter.com/Annette_Fergs TikTok Keep on the trend with us on this link: tiktok.com/@annette_fergs iTunes https://podcasts.apple.com/gb/podcast/uncover-wealth-radio/id1473582522 Welcome to Uncover Wealth Radio, Episode 84, where I am speaking about why it's more important than ever to avoid payday lenders, so let's dive in.During these difficult times, it can be very tempting to look towards payday lenders to supplement loss in revenue in our businesses, but I want to implore with you why now is the worst time ever to be considering that as an option. You see, many business owners I've spoken to have already had drops in revenue. It's happening across the board already, in pretty much every single sector. And if you have a drop in revenue, the natural thing to want to do is to try and get more money in. How can I make more money? And you may be looking at things like short-term lending and payday lenders to do that. The problem with those types of lending is that the interest rates are incredibly high, and you don't know when you'll be able to pay it back, because we don't know how long this will last for. We don't know how long any drop in revenue might last for.Now, it might be really short-term, because it might be that people are jittery just now, and it may be that that may pass to a small extent for your business. Every business is different, and every setup is different, but it might be for your business that it might pass relatively quickly, and people might start buying again, or it might be for your business that you have to close the doors, and there's no way that you can serve people until six months time, or even longer. We just have no idea.So, going to lending that is designed for incredibly short-term periods because they have massive, massive APRs, is really not a good idea at the moment. I mean, it's never a wonderful idea, but particularly just now, because you don't know when you'll be able to pay it back. You don't know when this will end, and when we'll get through it, and when your business will recover, and therefore, that is to be avoided at all costs.Instead, if you are desperate for revenue from... not for revenue, rather for cash, for money coming in, have a look at some of the schemes that are being announced, some of the grant schemes that we're starting to hear about, and some of the business interruption loans. You can also review your insurance to see if your insurance will cover you for any loss of revenue as well.Go down those routes rather than looking heavily into something like payday lending. It is of course an incredibly important time as well,