Spend $4,300, get $1,750 straight right back after three years. One man’s cautionary story about ‘savings loans’

Spend $4,300, get $1,750 straight right back after three years. One man's cautionary story about ‘savings loans' Cody O'Day desired to borrow cash to get furniture setting up an Airbnb. Rather, he wound up with that loan contract stipulating he'd nearly have to pay $4,300 so that you can get $1,750 just after 36 months. O'Day enrolled in what some call a “credit-repair loan” or “secured cost cost savings loan,” by which borrowers get no money upfront but must make regular repayments. Loan providers often...