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Debt Trap

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Debt Trap

A debt trap is a situation where borrowers find it impossible to pay back their debts because of high interest rates. It becomes a cycle of re-borrowing for the borrowers as they keep on rolling over the due dates and repayments.

Types of Debt Traps

The best way to avoid these debt traps is to know about them completely. Let us know some of such loans that end up being debt traps for the borrowers:

  • Payday Loans are the best emergency loans that can be availed within one day. But, these come with soaring interest rates and it increases higher with every rollover.
  • Credit Cards are the next famous types of a debt trap. If you fail to manage your credit cards and fail to make timely repayments, then it can ruin your financial condition.
  • Car Title Loans come with greater risks. If you fail to pay back your loan, your car will also be retained by the lenders.
  • Mortgage refinancing is a better option, only for the ones with the best credit score. Because they are the only ones to receive it at lower rates.
Debt Trap
Ways to Avoid Debt Traps
  • Try your best to pay back your loans on time and ask for no rollovers.
  • Never use your savings to pay off your scheduled debt repayments. Keep them for emergency situations of life.
  • Try utilizing your extra funds for paying off one debt at a time rather than paying off for all other debts.
  • Don't get into the traps of credit cards when they offer extra rewards on spending a certain sum of money, which otherwise you would not have spent.

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Applying Does NOT Affect Your Credit Score

CashAmericaToday is registered with the Utah Department of Financial Institutions to offer consumer credit services. When you submit your application to us online, it will be processed just as if you had submitted it in person, establishing Utah as the jurisdiction for the negotiation, execution, and fulfillment of all applications and agreements. If your application is approved, the funds will be disbursed from our account in Utah. Please note that Utah's laws governing consumer loan agreements may differ from those of your home state. It is the applicant's responsibility to adhere to all statutory requirements related to obtaining internet loans in their state of residence. Please be aware that this service may or may not be available in your specific state, and loans are not offered in the state of Michigan.

CashAmericaToday is a brand of Silver Financial Capital. The purpose is to meet your short-term borrowing needs, not long-term financial needs. Please note that this is an expensive form of borrowing. The loans and lines of credit may be used for whatever reason you need, like unexpected emergencies, car repairs, medical bills, or travel expenses. In addition, alternative forms of financing like credit card cash advances, personal loans, and home equity lines of credit might be more affordable and better suited to your needs.

CashAmericaToday does not perform any credit checks through the three major credit bureaus Experian, Equifax or TransUnion. We collect required information regarding debtors' creditworthiness from a third party source.

Approval time depends on the authenticity and verifiability of your documents. You might be requested to provide further information if required. Note that we do not approve all the loan requests. On the basis of state laws and your repayment ability, the terms and rates may vary. Any loan requested on Friday after 6:00 PM CST will be processed on the next business day, usually Monday- unless it is a holiday.

Should you have any doubts, please call our customer support at (855) 840-5688, Monday- Friday: 7:00 AM to 4:30 PM (CST) or email to

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