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The Ultimate Guide To Personal Loans

If you’re short on cash, a personal loan may be the answer to your financial woes. Personal loans can be used for a wide range of purposes, including unexpected expenses and home repairs. However, there are a few things you should know before applying for a loan.

Everything you need to know about personal loans, including how to get one, and how to use the money you get wisely and responsibly, is covered in this book. If you’re thinking about taking out a loan for the first time or just want to know more about the different options available right now, keep reading.

If you find yourself in a tight spot financially, a personal loan may be the best solution for you. However, before you apply for a loan, you should familiarise yourself with the ins and outs of these loans.

There is a wealth of information in this guide that will help you understand personal loans and how they work, as well as the various types of loans that are available. Even if this is your first time applying for a personal loan, or if you’re just curious about the process, keep reading to get all the information you need.

But what is a “personal loan” in this context exactly? An unsecured personal loan can be used for any purpose, no matter what the borrower’s reason for taking out the loan was. It is not necessary for the borrower to make any specific purchases with a personal loan and can be used for any purpose the borrower chooses. As a result, they are a popular choice for borrowers who need money for unexpected bills, home repairs, or educational expenses because of this.

Researching personal loans thoroughly before applying is essential because there are so many options. The best way to get started is by reading our comprehensive guide to personal loans. The different types of personal loans available and how to qualify for one will be covered in detail in this article.

A personal loan may be an option for you. If that’s the case, you’re not the only one experiencing this. A personal loan can be a great way to get the money you need for a big purchase or to consolidate your debt into a single payment.

A personal loan may be the best option for you, but you need to know what these loans are all about before you make a decision. An informed decision about whether or not to take out a personal loan can be made after reading this guide, which provides you with all of the necessary information.

If you’re thinking about applying for a personal loan, you may be wondering where to begin. A wide variety of lenders exist, and each has its own set of rules and regulations. What factors do you take into account when deciding on a course of action?

Make no worries, we’ll handle everything for you. Everything you need to know about personal loans will be covered in this article, including tips on negotiating a better rate and avoiding scams. Whether you’re looking to consolidate debt or fund a new purchase, the information in the following paragraphs will be beneficial to you.

Do you need a small amount of extra money to pay for a large expense? A personal loan may be an option if this is the case. However, there are a few things you need to be aware of before you go ahead and do so. In this article, we’ll cover the basics of personal loans, including how they work and where to look for the best rates and conditions.

The advantages and disadvantages of obtaining financial aid in this manner will also be discussed. If you’re thinking about applying for a personal loan for the first time, or if you just want to learn more about these loans, keep reading. Here, you will find all the information you need about them.

Were you wondering how to get a loan or where to begin? Then congratulations, you’ve made it to the right place. What you’ll learn about personal loans in this guide includes how to find the lowest interest rates, how to avoid common pitfalls, and how to make the most of your loan.

This guide will assist you in locating a loan that meets your requirements, regardless of whether you need a small sum of money for a single purpose or a larger sum overall. For those who want to learn more about personal loans, keep reading!

You never plan on needing a personal loan, but life can throw you a curveball and you find yourself needing some extra cash. Any time this happens, there is no need to get worried, as there are many different personal loans to pick from.

Becoming familiar with personal loans and how they work is essential before you begin your search for a loan. Read this guide before taking out a personal loan because it will explain everything you need to know.

We are ready to go now.

FAQs About Loan

What Consequences Will Result If I Am Approved For A Loan But Do Not Make Use Of It?

Not only will this have a negative impact on your credit score, but it will also make your cosigner legally responsible for paying off the debt. If they don’t pay back the loan, their credit score will go down, which will make it more difficult for them to obtain new loans in the future.

Which Types Of Loans Are The Easiest To Get Approved For?

Payday loans, loans secured by vehicles, loans obtained from pawn shops, and personal instalment loans are probably the types of loans that have the lowest approval rates. All of these are options for borrowers with poor credit who are in need of short-term cash solutions. Many of these choices are intended to assist borrowers who are in urgent need of cash and can provide it quickly.

What Do You Need To Do To Get Approved For A Personal Loan?

In order to secure a personal loan, you will be required to disclose personal as well as financial information to the lending institution. In most cases, in order to prove your identity, address, income, and monthly expenses, you will need to provide four different sets of documents. In addition, your credit score and the reason you need the loan must be provided in the application.

Is There A Loan That Is Guaranteed?

There is no such thing as “guaranteed personal loans,” because such a thing does not exist. It is common for irresponsible lenders and payday loan brokers to engage in a practise known as offering a 100 percent guarantee on loan approvals. We strongly advise you to avoid engaging in this practise.

What Exactly Is A Personal Loan From A Bank?

You can borrow money to pay for personal expenses through the use of a personal loan, and then you can repay the borrowed money over a period of time. One way to acquire a large sum of money all at once is through the use of personal loans, which are a form of revolving credit. For instance, you could use the funds from a personal loan to cover the following costs: Costs associated with moving Debt consolidation.

How Personal Loans Work

It’s up to the borrower whether they prefer secured or unsecured personal loans, as there are numerous options available. A valuable possession or asset will have to be put up as collateral in the event that you are unable to repay the money you owe. If you don’t pay back the loan, the lender will get their hands on the property. In the United States, mortgages and car loans are the most common forms of secured loans.

The most common type of personal loan, an unsecured loan, does not require you to put up any sort of collateral. Your assets cannot be seized if you don’t pay back the money you borrowed. That doesn’t mean, however, that there won’t be repercussions.

If you fail to pay back an unsecured personal loan, your credit rating will take a hit, resulting in an increase in borrowing costs, which can be substantial in some cases. To recoup any unpaid principal, interest, and other costs, the lender has the right to take legal action against you.

If you’re looking to consolidate your high-interest credit card debt or pay off your high-interest credit card debt, an unsecured personal loan may be the best option for you.

All of your money is deposited into your bank account at once when you take out a personal loan. At a predetermined interest rate, you’ll be expected to pay back the loan in a predetermined time frame. In some cases, the repayment period can be as short as one year, while in others it can be as long as 10 years. This time frame can be anything from one year to ten years in duration.

A personal line of credit is another option for borrowers who aren’t sure how much money they’ll need. This is a revolving, unsecured line of credit with a predetermined maximum credit amount. What comes to mind when I think of this is a credit card?

A revolving line of credit’s interest rate is typically variable, meaning that it fluctuates in line with the rates being offered by other financial institutions. You are only liable to pay back the amount borrowed, plus interest, if you have used it. Some of the most common uses for lines are for home improvement projects, avoiding overdraft fees, and covering unexpected expenses.

Choosing a Personal Loan

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Personal loans are offered by a wide variety of financial institutions, but not all of them are equal. Personal loans can be found from a slew of lenders, many of which you have never heard of before. This is due to the fact that the majority of personal loans are obtained online.

Non-banking financial institutions are small lenders that specialise in a particular market and are sometimes subsidiaries of larger corporations. Their primary goal is to make money, regardless of the situation. Personal loans from credit unions and banks are both available through the various financial institutions where you can submit an application.

A good working relationship with your bank or credit union allows you to check out their online loan offerings. To help you get the loan amount you need, as well as lower interest rates and fees, your customer status can be leveraged. Loans from your bank or credit union can be viewed online if there is a good working relationship between you and the institution. To avoid this, you’ll need to search for financial institutions that offer personal loans and offer the best terms for lending.

How to obtain personal loans should be your first priority before diving into the fine details of obtaining a loan. Personal loans with low interest rates should be your top priority, so that you can minimise the costs associated with borrowing money.

Depending on the loan origination fees, you may not be able to borrow as much money as you would like. Consider this scenario: You need $5,000, but the origination fee is 5% of the loan. Because of this, in addition to the interest, you may be required to pay an additional $250 for the privilege of receiving a personal loan.

This is a common feature of personal loans, but it may encourage you to keep looking for a lower origination fee.. The following are additional aspects that require your attention:

Interest rates: fixed or variable?
APR
Payment is made on a monthly basis.
How long you’ll have to repay a loan
Automatically withdrawn cash
automatic withdrawals are eligible for a lower interest rate
The penalty for making a prepayment
Arbitration

Consider these factors when looking for a lender to lend money for personal purposes. You may not be able to find the perfect personal loan, but you may be able to find a loan with terms favourable enough to justify applying for. Amounts paid each month are not affected by fees and interest, which accrue over the life of the loan and can be easily predicted.

Can I Get A Personal Loan If I Have Bad Credit?

You can still get a personal loan from a bank even if you’ve had financial problems in the past. Personal loan applications from borrowers who do not meet or exceed the lender’s minimum credit score requirements are more likely to be rejected by traditional lenders.

The number of specialised lenders with the resources and flexibility to examine a borrower’s overall financial picture is on the rise these days. Unfortunately, many people’s credit scores do not reflect their current ability to pay back a new loan. Prospective employees may have been laid off in the past, but they may now be financially stable.

Personal loans may have higher interest rates for borrowers with poor credit, but this rate may still be lower than the interest rate that is charged on credit cards or accounts that are past due. As a result, people who need to pay off multiple credit cards may prefer to use a personal loan to do so.

Expenses can be cut in half each month, and everything is rolled into one simple bill. There is a tendency among lenders to favour borrowers who have only one loan account rather than those who have multiple loan accounts from various lenders. In the future, it may be easier to secure financing for a vehicle, a house, or an enterprise by using a personal loan to consolidate debt.

How Long Does It Take To Get A Personal Loan?

How long it takes to get a personal loan depends on a number of factors, including your lender’s policies, turnaround time, and technology. Many online lending outlets are making personal loans more readily available to Australians. As a result, there is no requirement for applicants to assemble all of their financial documentation or to visit the financial institution in person to speak with a bank representative about their need for the money and their plans for repaying it.

Many modern lenders now have online access to your bank statements and payslips, speeding up the application and approval process. Secure online portals allowed for the creation of this feature. Preliminary approval is possible in as little as two minutes, and it’s not implausible at all. Improvements to our national payment systems have allowed for personal loans to be funded in under an hour in some cases.

Before submitting your application, be sure to find out how long it will take to process. Self-employed borrowers should be aware that getting approved for a personal loan may take a little longer because their income is less predictable and harder to verify.

Depending on the circumstances, tax returns or other proof of income may be requested from freelancers, independent contractors, and small business owners. A personal loan application is now much faster than it used to be, and depending on the lender you choose, the process may be even faster. All potential borrowers are subject to this rule.

Will Applying For A Personal Loan Affect My Credit Score?

Obtaining a personal loan interest rate quote online has no effect on your credit score. In most cases, this can be completed within a few minutes at the most. However, the lender will conduct a formal credit check once you are ready to move forwards with the process and submit a formal application.

If this happens, it will be recorded in your credit report and used to calculate your credit score. As a result, before submitting an official application for a personal loan, you must conduct adequate research. In a short period of time, making too many credit applications can have a negative impact on both your credit score and the likelihood that you will be approved for a new loan.

How Do I Apply For A Personal Loan?

Determine how much money you can borrow before you apply for a personal loan. If you’ve always gone to the same bank, consider using one of the many financial comparison websites that are available instead. There are a variety of lenders and products to choose from on these websites.

You can then look at the websites of various lenders to see if they offer personalised interest rates online after you’ve reached this point. You can get an estimate of the interest rate that may be applicable to you in less than two minutes and without affecting your credit score.

Before beginning the application process, make sure you have all of the necessary financial and income documentation. Even if you need them for reference purposes, you may not be required to submit them. By accessing your bank statements via encrypted online portals, a large number of lenders offering online personal loans are able to authenticate your earnings.

As an alternative, you can complete an application without having to make an appointment, scan and email a zillion documents, or even leave your house. A broker or financial adviser can also help you with your application and communicate with the lender on your behalf.

There’s A Trade-Off

A personal loan can be used to pay off a credit card or other high-interest debt, which can be an attractive alternative. A monthly payment can be tailored to fit your financial situation because the terms are flexible. The monthly payment decreases when the contract length is increased.

A price must be paid, however. You’ll have to pay interest for a longer period of time. Interest on personal loans also increases as the loan term grows longer because they have a variable rate.

An example of this would be a personal loan. Loans of $30,000 for a term of three years will cost a borrower with excellent credit an annual percentage rate of 5.99%. In the case of a seven-year loan, this rises to 9.97%. It costs 6.79 percent for a three-year loan, while the interest rate for seven-year loans costs 9.06 percent. For a three-year loan, the initial interest rate is 4.44 percent. For the next seven years, you should plan on paying an interest rate of 5.19 per cent.

A loan origination fee is a fee that some lenders charge in addition to the interest rate for processing your application. As a result, borrowing money may be more expensive. Good news: Fees for starting a business are gradually disappearing, particularly on digital platforms.

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Each one requires a minimum of a 660 credit score. Find out the annual percentage rates (or APR) that lenders are charging for personal loans by comparing them to each other. Including the interest rate and any other fees, it gives you an idea of how much you can expect to pay overall.

You may want to consider taking out a personal loan if you need to make a large purchase or consolidate your debt. Paying a higher interest rate may be in your best interest if you can get out of debt with a higher rate of interest if you have less than perfect credit.

Before making a decision, do the math. You should think about the interest rate as well as any additional fees and the terms of the loan. Debt consolidation may not be the best option if you end up spending thousands of dollars.

Red Flags – Things to Look Out For

Each one requires a minimum of a 660 credit score. Find out the annual percentage rates (or APR) that lenders are charging for personal loans by comparing them to each other. Including the interest rate and any other fees, it gives you an idea of how much you can expect to pay overall.

You may want to consider taking out a personal loan if you need to make a large purchase or consolidate your debt. Paying a higher interest rate may be in your best interest if you can get out of debt with a higher rate of interest if you have less than perfect credit.

Before making a decision, do the math. You should think about the interest rate as well as any additional fees and the terms of the loan. Debt consolidation may not be the best option if you end up spending thousands of dollars.

1. Personal Loans With No Credit Check

Personal loans that don’t run a credit check aren’t always what they seem to be on the surface. Paying them back over a much longer period of time than would be required by a conventional personal loan is the goal.

It is possible to get a personal loan without a credit check with an annual percentage rate (APR) as high as 400 percent. If, on the other hand, you find yourself in a situation where you need money right away but don’t want to be tied down by high interest rates, you may want to consider other options. If your credit is less than perfect, you may still be able to get one of the low-interest personal loans available.

2. High Initiation Fees or Request for Fees Up Front

Loan origination fees and processing fees are typically added to the end of a loan if you want your application processed or if you have to pay an origination fee.

If your application is accepted, you will not be required to pay any fees in advance. Paying an application or processing fee in order to get a loan from a lending company is a bad idea. You will never be asked to pay a fee by a reputable lender to submit or process a loan application.

3. Not a Personal Loan

When it comes to lenders of payday loans and title loans, they are notorious for using language that makes it difficult to discern that they are offering products other than personal loans. Loans secured by a borrower’s paycheck or their vehicle’s title are both examples of short-term loans.

They are not personal loans in any way, shape, or form. This type of loan has high interest rates, but is only available for a short period of time. Another feature of these loans is that they can only be used for relatively small amounts of money, unlike personal loans, which can be used for much larger sums of money.

When applying for a personal loan, make sure to thoroughly investigate the online platform. It’s possible to find reputable lenders who may not be well-known, despite the fact that they’ve been lending money for a long time.

Personal loan lenders who are legitimate can be traced and are required to register with state and federal agencies. Before submitting an application, find the lender’s contact information at the bottom of the website and use it to learn more about them.

4. Website Redirects You

As soon as you started or finished filling out information, you were taken to another website where the process was completed. Scammers frequently employed this strategy in the past. Despite the fact that this tactic is becoming less common, some con artists are still employing it in order to snare their victims.

If you notice that your browser is being redirected to another page, you should start your search for a personal loan from scratch. Even though you won’t be missing anything, closing the tab is going to save you time and effort in the long run.

Personal Loans vs. Credit Cards

Choosing between personal loans and credit cards may seem like a coin toss when it comes to financing your personal needs. Using a low promotional APR credit card for a predetermined period of time and paying off the card’s balance before the allotted time expires is one example.

But if you use a credit card for this, you will have to pay more, have a shorter repayment period, and you risk losing the introductory APR if you are late. Using a credit card entails some of these drawbacks. When it comes to mistakes, credit cards are extremely unforgiving, and you may wish you had taken out a personal loan instead.

When it comes to interest and repayment, personal loans are known for being more forgiving than other types of credit. At no point in time will the initial rate of interest charged to you fluctuate during the course of repaying the loan. No expiration date or introductory APR increase are available in this model, unlike credit cards, which have both.

In addition, you can count on the fact that your monthly payment will remain the same throughout the term of the loan, so there won’t be any unexpected costs associated with it. In order to pay off their credit cards, many people turn to personal loans as an option. By using a balance transfer credit card, they can save hundreds of dollars in interest and finish paying off their debt much faster than if they used a traditional credit card.

Content Summary

  • A personal loan could be the solution to your financial woes if you’re looking for some extra cash.
  • Continue reading if you are considering taking out a loan for the first time or if you are simply interested in learning more about the various options that are currently available.
  • A personal loan could be the best option for you if you are in need of some additional financial assistance.
  • But before you submit an application, you should make sure you are familiar with everything there is to know about these loans.
  • A personal loan is a form of an unsecured loan that can be used for anything, regardless of the reason for taking out the loan.
  • Because there is such a wide variety of options for personal loans, it is essential to conduct adequate research before submitting an application.
  • Reading through our comprehensive guide to personal loans is the most effective way to get started.
  • However, prior to determining whether or not a personal loan is the best option for you, it is essential to have a solid understanding of what exactly these loans entail.
  • This guide will provide you with all of the information that you require to make an informed decision about whether or not a personal loan is the right choice for you and whether or not you should apply for one.
  • There is a wide variety of lenders, and each one has their own set of terms and conditions.
  • Read on for information that will be helpful whether you are interested in obtaining a loan to pay off existing debt or to finance a new purchase.
  • If this is the case, you might want to look into obtaining a personal loan.
  • However, before you go ahead and do that, there are a few things that you need to be aware of.
  • We will also discuss some of the benefits and drawbacks associated with obtaining financial assistance in this manner.
  • Read on if you are considering applying for a personal loan for the first time or if you simply want more information about these types of loans.
  • This guide will teach you everything you need to know about personal loans, including where to find the best interest rates, what to watch out for, and how to make sure you get the most out of your loan.
  • Personal loans are something that no one ever plans on needing, but sometimes life throws you a curveball, and you find yourself in a position where you need some extra cash.
  • However, prior to beginning your search, it is important to gain an understanding of personal loans, including what they are and how they operate.
  • Before you take out a personal loan, you should read this guide because it will walk you through everything you need to know.
  • In order to secure a personal loan, you will be required to disclose personal as well as financial information to the lending institution.
  • In addition, your credit score and the reason you need the loan must be provided in the application.
  • You can borrow money to pay for personal expenses through the use of a personal loan, and then you can repay the borrowed money over a period of time.
  • You are not required to provide any sort of collateral in order to obtain an unsecured loan, which is the most common kind of personal loan.
  • If you don’t repay the money, the lender won’t be able to seize any of your assets to cover the debt.
  • Your credit score will suffer if you are unable to make payments on an unsecured personal loan, which will result in an increase in the cost of borrowing money, which can be quite significant in some instances.
  • When you take out a personal loan, the money is given to you all at once and deposited into your bank account.
  • Borrowers who are unsure of the amount of money they will require have another option available to them in the form of a personal line of credit.
  • There is a large number of financial institutions that offer personal loans, but not all of them are created equal.
  • This is because the majority of personal loans are obtained through the internet.
  • When you look at the various financial institutions that give you the opportunity to apply, you will of course find personal loans from credit unions as well as personal loans from banks.
  • You can then use your customer status to help improve your chances of getting approved for the loan amount you need, along with favourable interest rates and fees.
  • If this is not the case, you will need to look for financial institutions that offer personal loans and offer the most favourable terms for lending.
  • After you have determined how to obtain personal loans, the next step is to concentrate on the specifics of the loan.
  • Although this is not an unusual characteristic of personal loans, it may encourage you to continue your search for a loan that comes with a lower origination fee.
  • When searching for a lender to provide personal loans, these aspects ought to be taken into consideration.
  • There is a possibility that you will not be able to find the ideal personal loan; however, it is possible to find a loan with terms that are favourable enough to make it worthwhile to apply for.
  • Even if you have a history of financial difficulties, it is possible to get a personal loan from a financial institution.
  • However, traditional lenders are more likely to reject applications for personal loans unless the borrower has a credit score that meets or exceeds the lender’s minimum requirements.
  • Borrowers with poor credit may be subject to higher interest rates on personal loans; however, this rate could still be lower than the rate that is charged on credit cards or accounts that are past due.
  • Because of this, borrowers who want to consolidate their debt from multiple credit cards may opt to take out a personal loan instead.
  • Consolidating debt through the use of a personal loan can make it simpler in the future to obtain financing for a vehicle, a house, or a business.
  • The policies of your lender, the turnaround time, and the technology that they offer all influence how long it will take to obtain a personal loan.
  • Personal loans are becoming increasingly accessible to Australians through various online lending outlets.
  • Many contemporary lenders can now access your bank statements and payslips online, which speeds up the application and approval process.
  • It is in your best interest to enquire about the length of time required to process the application prior to submitting it.
  • However, obtaining a personal loan does not take nearly as much time as it used to, and the application process can be significantly more streamlined depending on the lender that you use.
  • Will Applying For A Personal Loan Affect My Credit Score?Your credit score will not be impacted in any way if you get an online quote for an interest rate on a personal loan.
  • This is typically a very speedy process that can be completed in a matter of minutes at most.
  • This will result in a notation being made on your credit file, which will then be factored into your credit score.
  • Because of this, it is imperative that you perform adequate research before submitting an official application for a personal loan.
  • If you make too many credit applications in too short of a period of time, it can have a significant impact on both your credit score and the likelihood that you will be approved for a new loan.
  • Do some research first before submitting an application for a personal loan.
  • Utilize one of the many financial comparison websites available as an alternative to going to the same bank you’ve always used.
  • In fewer than two minutes and without having an effect on your credit score, you can get an estimate of the interest rate that might be applicable to you.
  • Gather all of the necessary documents and information pertaining to your finances and income before moving forwards with the application process.
  • You can also get assistance with your application from a broker or financial adviser, and they can also communicate with the lender on your behalf.
  • The use of a credit card or some other form of high-interest debt can be paid off with the help of a personal loan, which can be an appealing alternative.
  • You will be required to pay interest over a longer time period.
  • In addition, the interest rate on personal loans has a variable rate that rises as the term of the loan gets longer.
  • Consider the case of a personal loan as an illustration.
  • A loan origination fee is the cost that is incurred as a result of the processing of your application and is charged by some lenders in addition to the interest rate.
  • It gives you an overall picture of how much you’ll pay by taking into account the interest rate as well as any fees.
  • If you have a good credit score, a personal loan might be a good option for you if you need to finance a significant purchase or consolidate your existing debt.
  • Take into account the interest rate, any fees, and the terms.
  • Scammers go after people who are in the market for a loan, and payday loan lenders are known to intentionally misrepresent the products they offer in the hopes of fooling someone who isn’t paying attention.
  • When applying for a personal loan, it is important to keep an eye out for warning signs such as the ones that are listed below.1.
  • The reality of personal loans with no credit check can sometimes be different from what is advertised.
  • Personal loans with low interest rates are also available, and you can get one of these loans even if your credit isn’t all that great.2.
  • Lenders of payday loans and title loans are notorious for employing language that makes it difficult to discern that they are offering products other than personal loans.
  • They in no way, shape, or form constitute a personal loan of any kind.
  • Always make it a point to thoroughly investigate the online platform offering the personal loan.
  • Lenders of legitimate personal loans can be tracked down and are required to register with relevant state and federal agencies.
  • Look towards the bottom of the website for the lender’s contact information, and then use that information to learn more about the lender before you fill out an application.
  • When you started or finished filling out information on one website, you would be redirected to another website to complete the process.
  • Close the tab you’re currently viewing and begin your search for a personal loan all over again if you notice that your browser is being redirected to a different page.
  • When it comes to deciding which financial solution to go with, it may seem like a toss of the coin to choose between personal loans and credit cards for your financing needs.
  • When you use a credit card for this purpose, however, you will be subject to higher payments, a shorter time frame for repayment, and the possibility of losing the introductory APR if you are late with a payment.
  • These drawbacks come with the territory of using a credit card.
  • In addition, credit cards are extremely unforgiving when it comes to making a mistake, and this could make you wish that you had gone with a personal loan in the first place.
  • When it comes to interest and repayment, a personal loan is typically more lenient than other types of loans.
  • The initial interest rate that you are charged will not change at any point during the repayment of the loan.
  • Personal loans are an option that a lot of people take advantage of in order to pay off their credit cards.
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