About High-Risk Personal Loans

Video Transcript

"Hi, my name is Bill Rae. I'm with HBW of Florida. I've been in the finance field for well over 20 years, and today, we're going to talk about high-risk personal loans. Let me throw a caveat out at you right away: Be very careful of high-risk. What high-risk usually translates to is high cost to you. So if you got yourself in a situation where you do need money and conventional money -- meaning going to local credit union or banks -- is not available to you on a personal loan and you have no secured property in order to get better rates, there are high-risk loans. The mere fact of the word high-risk implies that the people loaning the money know there's a high probability that they're not going to get all their money back. This translates to higher costs to you, and higher interest rates. Are they available? Yes. But as in on the...any other type of financial instrument, do be advised that there are many scams out there on the market. So when you look, look carefully. Before you sign, read carefully. And at all times, seek outside good, sound counseling. My name is Bill Rae, I'm with HBW, and I'm helping you build wealth."