5 Types of Loans To Avoid With Howard Dayton

Pawnshop loans:

• Short-term loans based on an item's value which is lost if the loan isn't repaid on time.
• Interest rates range from 5-25% per month.
• Many borrowers never reclaim their pawned items.

Auto title loans:

• 30-day loans using car titles as collateral.
• Risk of car repossession if payments aren't made on time.
• Referred to as "legalized auto theft" since you lose both the car and its equity regardless of loan size.

Tax refund loans: 

• People anticipate tax refunds in April but might take a loan if they're cash-strapped.
• Some tax preparers offer these loans without highlighting high interest rates that can be in the triple digits on an annual basis.

A six-week video titled "Navigating Your Finances God's Way."

• Covers topics like debt, saving, generosity, investment, work, honesty, etc.
• Suitable for various settings: Sunday school, small groups, workshops, or individual study.

• Should I tithe before or after taxes?
• How can I invest for retirement while on SSDI and without earned income?
• Should I use my 401 K to pay off my variable rate home equity loan?
• Is the id.me login for IRS.gov legitimate, and should I switch from an I bond to a bank CD?
• How can I help a woman with recurrent ovarian cancer financially, especially when she's working in a low-paying job?

• Christian Credit Counselors