Beware Of Festive Season Lending Traps

There are 10 red flags to stay away from during the festive season

Protect your finances and avoid falling prey to predatory lending this festive season

Financial decisions during the festive season should be cautious due to increased expenses

Some may seek financial assistance from traditional institutions

Financial wellbeing can be threatened by predatory lending with high fees and deceptive terms

Check if the lender is registered and licensed in your jurisdiction

Laws that protect consumers from illegal or abusive lending practices should be followed by the lender

Lenders make unrealistic promises like guaranteed approval instant cash or no credit check

High upfront fees or penalties for late payments may be hidden costs

Unsolicited loan offers with low rates are often a scam