Getting Better Qualified for Loans with Paul Oster is our guest on The Core Business Show with Tim Jacquet. Regulators say they will investigate the payday lending industry in what consumer groups say is a long anticipated examination of a business that is designed to put borrowers in more and more debt. Twelve million people a year take out high-interest loans against their next paycheck and in some cases lenders charge 500-percent interest! How big is the business? How about this. There are twice as many pay day loan locations as there are Starbucks! The problem is not so much the loan - but that an overwhelming number of people don't pay back the loan when they they next get paid. That means whatever debt they start with grows as missed payments trigger astronomical interest rates which eventually enslave the borrower.
Credit Repair Expert Paul Oster says this is about the worst kind of loan you can get and recommends ways to skip the pay day loan and how to dig yourself out. Paul J. Oster is the CEO of Better Qualified, LLC, a limited liability company that specializes in business and consumer credit services. The company offers businesses and consumers solutions that include, but are not limited to, establishing lines of credit (personal/non-personal guarantees), analysis and consulting on business and consumer credit reports, establishing business credit scores, credit card approval processes, and identity theft protection.