What Are the Risks and Downsides of Using Online Lenders?
While online lenders offer many benefits, there are also some potential downsides:
Higher Interest Rates: The convenience and accessibility often come with higher interest rates compared to traditional banks. Shorter Repayment Terms: Loans may have shorter repayment periods, which could strain cash flow. Reputation and Legitimacy: Not all online lenders are reputable; it's essential to research and choose a trustworthy provider.