Steve Benson

Can they demand you pay them back faster for any reason?

Debt providers love to give you an umbrella when it's not raining and take away the umbrella once it starts raining.

Perfect.

So when times are bad, they'll often demand you pay back faster and they'll have terms in your contract like, oh, on page 64, didn't you see that because you're going more slowly now, you have to pay us back faster.

You're like, well, that's perfect timing.

This is the one that I got, the early payback penalty.

I couldn't leave and swap them out without paying them a big penalty.

And that's a negotiable term because it's total BS.

Short-term loan is dangerous.

We talked about that.

They can control your use of proceeds.

One I've seen is you can only use this to spend on marketing.

So you can only spend on ad dollars with this money.

And it's like, well, I'm already spending money on ad dollars.

I need the money for it.

I need the money for it.

But they give you like a card.

I forget which one this was.

They would give you like a credit card that you can only use the number for marketing.

Super annoying.