Even if you’re looking forward to putting your marriage in the past, there will come a point when you realize the impact it will have on your finances.
Depending on your situation, you may find yourself strapped for cash once your divorce is finalized. For example, this often comes into play if your spouse previously made most the money for your family.
This can lead you down many paths, with some people considering a loan as a means of getting by for the time being.
While there is nothing wrong with taking a loan if you need it, you must first consider the lender.
For example, turning to your family is often a good idea. Conversely, relying on the services of a loan shark is a big mistake.
Here are three reasons why newly divorced individuals often find themselves considering a loan shark:
- It’s an easy way to get their hands on the money they need. With a traditional loan from a conventional lender, there is a lot of paperwork to complete. Furthermore, there’s a greater chance of a denial. A loan shark makes things easy on you, despite the fact that the terms and conditions aren’t in your best interest.
- They’re not thinking straight. With so much going on around you, from property division to child custody, you may not think everything through. As a result, you could end up in a relationship with a loan shark.
- They panic. When your financial situation changes and you find yourself in desperate need of money, you’ll do almost anything. If panic sets in, it’s easy to turn to a loan shark because there isn’t much chance of a denial.
Divorce is difficult enough. You don’t want to make things worse on yourself by opting to borrow money from a loan shark. Instead, consider the many legitimate ways to secure the money you need during this challenging time of your life.