The Better Business Bureau (BBB) recently sent out a warning to consumers that were shopping around for credit regarding ecash loans, short-term high-rate loans, cash advance loans, check advance loans, payday loans or title loans. The BBB specifically warned against lenders that ask for fees up front to begin the loan process and then after receiving the fees from the consumer change their phone number and walk away without paying the loan. It’s sad that we live in a world where organizations or people con people in such ways. The warning from the BBB about ecash loan robbery reminded me of a business trip I took to Egypt.
Robbery in Egypt
A number of years ago I was doing some consulting work for an organization that was doing some work in Egypt. Going to Egypt to work seemed very exciting to me, especially considering that I was young and wasn’t as experienced in traveling. I remember taking a short taxi ride from the local buyers market back to the home that I was staying at. When we pulled up to our destination I pulled a wad of Egyptian bills from my pocket and began looking for the right amount, when all of a sudden the taxi driver grabbed my largest bill. At this point there was nothing that I could do about the robbery especially since he looked like a man I should argue with, sheepishly I ditched the cab. First-off I did a number of things wrong, getting robbed was my fault alone. First, I should not have sat in the front seat next to the driver, because of my position he was able to see what I was doing or where my valuables were. Second, I shouldn’t have pulled out a wad of cash in arms length of him. Third, I should have learned to speak the language-okay, this may sound unreasonable, but it certainly has merit when it comes to ecash loan robbery, read on.
Know Your Financial Position
The same lessons I learned in Egypt go well when it comes to ecash lending. The first thing that you want to do is to understand your financial position. Know where you stand financially and look at all of your options. There are a number of different credit tools you can use such as credit cards, IOUs from family members, and so on. After you’ve assessed your options begin a cost-benefit analysis or a basic pro-con list. Credit card may be advantageous according to the terms, or in other circumstances maybe a friend or family member can lend you money, or if your in a tight spot without friends, family, or good credit then a ecash loan may be your best option. Regardless of the circumstance always know financial position just like I should have been aware of my position in the taxi cab.