GAD Capital Review

GAD Capital ReviewGAD Capital is a pretty versatile lender, offering payday loans, title loans, and a loan consolidation program to help you make heads or tails of your short term debt.

There are just three steps to follow, and they say it’s pretty fast and easy, you just fill out the form, sign your documents, and get your funds, and that’s if you go with a payday loan. Of course there are more steps if you go with the title loan, because they’ll need to verify that you have a qualifying automobile, as well as the rest of the information needed for a loan.

If you go with their loan consolidation, they will need all of your information regarding the amount of the debt you have, as well as your contact information, but the overall process is still the same no matter which loan you go with.

GAD Capital Review – Fact Checking

GAD Capital states that 12 million borrowers use payday loans annually, and that number actually seems low, but it’s for 2014 so maybe during the peak of the global financial crisis in 2008 there were actually more people using them.

They go on to claim that 81% of those that take out payday loans say they would have to cut back on basic living expenses like food and clothing if they didn’t have the option to take out a payday loan. And that’s the real surprising thing, because it’s as if borrowers are saying that they’re taking out the payday loan in order to maintain their quality of life, rather than adjusting to their means and living within those means.

If your monthly expenses are exceeding your monthly income and you are using a payday loan to fill the gap, you are actually increasing your monthly expenses, and eventually your quality of living is going to be affected anyway. So it’s better to cut back on going out, make more economic meals for a month or two, or delay purchases until you get back on your feet financially. A payday loan comes with such large fees and must be paid back on your next payday, and two weeks time never saved anyone from going under financially.

Recurring Expenses and Payday Loans
GAD Capital states that 69% of first-time payday loan borrowers are using the payday loan for recurring expenses. This is a horrible idea because a payday loan should only be used for a one-time unexpected expense, such as a car repair or other unforeseen item. If you are paying a monthly expense with your payday loan you are in bigger trouble than you may realize, because you’ll likely need to take out another payday loan to make that payment next month, at which time you’ll be charged another fee and it will be like you have a new monthly expense added to your already tight budget.

Paying Off Payday Loans
One last piece of information they provide is that 41% of people need an influx of cash in order to get out of their payday loan. Using a tax return is one of the most-used methods of paying off a payday loan, but what happens if you end up owing taxes this year instead of getting a refund. And what happens if you hit an unexpected expense right after you’ve paid off your payday loan. Hopefully they’ve shown you enough reasons why you wouldn’t want to take out a payday loan, and have given you the data needed to make a smarter choice about taking out a loan.

Our Recommendation
GAD Capital offers three different types of loans so you should definitely make sure you know which type of loan you’re qualified for, and which one works best in your specific financial situation. They offer payday loans, title loans, and a loan consolidation service. The entire website is encrypted so you don’t have to worry about your information falling into the wrong hands. You should at least check out what they have to offer you, and see if the numbers make sense. Call their toll free number and talk to a representative and they’ll be able to let you know if one of their loans is a good choice for you.

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