From Predatory Loans to Financial Freedom
Dr. Sharma’s medical practice experienced a temporary insurance reimbursement delay, creating a $2,500 shortfall for payroll. Panicked and needing immediate funds, she considered a payday loan with a staggering 400% APR. This would have added significantly to her already substantial $280,000 student loan burden and impacted her ability to max out her 401k.
Using Golden Door Asset's Payday Loan Calculator, Dr. Sharma instantly visualized the devastating long-term cost of the loan, totaling nearly $10,000 in fees and interest over just a few months if she couldn't pay it off quickly. Instead, we utilized the Student Loan Calculator to restructure her payments temporarily and secured a personal loan with a 9% APR, saving her thousands of dollars.
We integrated the Payday Loan Calculator with a linked Student Loan Calculator to present a comprehensive debt management strategy. This allowed Dr. Sharma to compare the immediate impact of a payday loan against her existing debt obligations.
$7,000 saved by avoiding the payday loan trap and securing a manageable personal loan.
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