The Better Business Bureau (BBB)
recently sent out a warning to consumers that were shopping around for credit
regarding ecash loans, short-term high-rate loans, cash advance loans, check
advance loans, payday loans or title loans. The BBB specifically warned against
lenders that ask for fees up front to begin the loan process and then after
receiving the fees from the consumer change their phone number and walk away
without paying the loan. It's sad that we live in a world where organizations
or people con people in such ways. The warning from the BBB about ecash loan
robbery reminded me of a business trip I took to Egypt.
Robbery in Egypt
A number of years ago I was doing
some consulting work for an organization that was doing some work in Egypt.
Going to Egypt to work seemed very exciting to me, especially considering that
I was young and wasn't as experienced in traveling. I remember taking a short
taxi ride from the local buyers market back to the home that I was staying at.
When we pulled up to our destination I pulled a wad of Egyptian bills from my
pocket and began looking for the right amount, when all of a sudden the taxi
driver grabbed my largest bill. At this point there was nothing that I could do
about the robbery especially since he looked like a man I should argue with,
sheepishly I ditched the cab. First-off I did a number of things wrong, getting
robbed was my fault alone. First, I should not have sat in the front seat next
to the driver, because of my position he was able to see what I was doing or
where my valuables were. Second, I shouldn't have pulled out a wad of cash in
arms length of him. Third, I should have learned to speak the language-okay,
this may sound unreasonable, but it certainly has merit when it comes to ecash
loan robbery, read on.
Know Your Financial Position
The same lessons I learned in Egypt
go well when it comes to ecash lending. The first thing that you want to do is
to understand your financial position. Know where you stand financially and
look at all of your options. There are a number of different credit tools you
can use such as credit cards, IOUs from family members, and so on. After you've
assessed your options begin a cost-benefit analysis or a basic pro-con list.
Credit card may be advantageous according to the terms, or in other
circumstances maybe a friend or family member can lend you money, or if your in
a tight spot without friends, family, or good credit then a ecash loan may be your
best option. Regardless of the circumstance always know financial position just
like I should have been aware of my position in the taxi cab.
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