For home owners stuck with high payment mortgages and bills, the only answer for some appears to be to turn to a fast loan for quick relief. However, experts are warning that those seeking out a fast loan from a payday lender could end up in over their heads. These institutions typically offer a fast loan, but if the home owner takes longer than a week to pay it off, the interest rate can jump dramatically. Experts are stating that this doesn’t mean home owners should ignore fast loans, just that they should get them from a better source, such as a credit union, where rates will be much lower and the risks to consumers are much less.”People have to be really disciplined and understand the system,” said Randy Ramirez, president of Wilshire Financial Inc., a Pasadena, Calif., mortgage broker. “If they don’t, it can really backfire.”Ted Grose, a Los Angeles mortgage broker and former president of the California Association of Mortgage Brokers, said that no home owner should tie their home to their credit card, comparing it to playing with fire. “Credit card debt is exceedingly dangerous,” he said.
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