I made one of the biggest financial mistakes of my life by borrowing $500 from Sunshine Loans, and I'm writing this in the hope that someone else doesn't make the same mistake.
When you're in a financial bind, companies like this know you're desperate. They make the process quick and easy, but what they don't make obvious is the staggering amount you'll ultimately pay back.
I borrowed just $500. After making five payments of $267 each--a total of $1,335--I was shocked to learn I still owed two more payments of $267. By the time this loan is paid off, I will have paid $1,869 to borrow $500.
Think about that for a minute.
This wasn't a loan that helped me get ahead. It buried me even deeper. It took advantage of someone who needed temporary help and turned it into an expensive financial trap.
Yes, I signed the paperwork, and I take responsibility for that. But there is a huge difference between something being legal and something being ethical. Businesses shouldn't build their profits on people who are already struggling.
If you're considering Sunshine Loans because you need money fast, please stop and exhaust every other option first. Borrow from family, ask your bank or credit union, sell something you don't need, or even talk to your employer about an advance. Almost anything is a better alternative than paying nearly four times what you borrowed.
I hope sharing my experience saves someone else from making the same mistake I did. read more