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5 Loans of Last Resort & Why You Should Avoid Them

Studies show that 15 percent of Americans save nothing, and many don’t have friends or relatives who can — or will — lend them money. In these cases many consumers end up turning to what we call “loans of last resort.” Before you choose one of these options, we want you to know what you’re getting yourself into. Here are five loans of last resort, and why they aren’t so consumer friendly.