Should You Get a Loan to Study Culinary?

A lot of people dream to run a kitchen or become the chief chef. Over the years, the culinary education has been sought after by a growing number of aspirants. The school enrollment is swelling while the starting wages of chefs are too low. It is hard to know if it is worth to get a loan and study culinary arts.

There are many ways to study the arts of cooking. The average cost of culinary school tuition is as much as three times the fees of a regular four-year course. A two-year degree in culinary or baking and pastry arts can cost up to $66,000.  If you want to extend to a four-year program, it could be as much as $130,000. This is almost the same as the law school degree.

However, unlike those who have careers in law, culinary industry do not offer much salary for a novice or newly grad levels. An entry-line cook can only earn as much as $10.23 an hour. From here, it seems that the high cost is not worth it.

On the other hand, you can attend community colleges and trade schools which have culinary programs. Students who take this route can complete the program and get a job in just a year. You can get a cash loan from a lending company to fund your culinary studies and start paying it after a year. As of date, 93% of student who graduated from programs that focused on practical skills are able to get a job in their chosen field.

You don’t need to get buried in a six figures debt to attend a culinary school. It is a responsibility nobody will have fun in fulfilling. Why not get the low interest personal loan online, one that you need and can realistically pay. Being practical should not start when you already have a job.

What Payday Loan Frauds Should I Carefully Watch Out For

Payday loans are becoming a lucrative business especially in places where the workforce is rising and cities are performing well economically. Payday loans provide and offer short-term cash to borrowers who can use it for medical emergencies, time-sensitive purchases, or even urgent expenses such as household and auto repairs, utilities, etc.

But along with a booming business comes with a bad side. There are people and businesses who take advantage of the booming industry and defraud people for their money. It is a bit challenging to eliminate these fraudsters completely. Knowing and being aware of their scams can help you eliminate the growing modus and keep the legitimate and licensed lenders.

  1. Payday loan Kiting

This payday loan fraud is often done by the borrower against two or several lenders. Because payday loans do not involve credit scoring and review, a lender may simultaneously take on two loans from a different lender. The second loan being higher in amount is then used to pay the first lender where the balance is pocketed by the borrower. The cycle continues until the loan becomes high and the borrower suddenly disappears.

  1. Information theft

One of the payday loans fraud that is rampant nowadays is information theft. A payday lender through online or a representative request prospective borrowers’ information by filling out the application form. From this point, the posing lender uses the acquired information to make other loans from legit banks and financial institution. One great way to deter from this fraudulent activity is making sure that the lender has an existing physical address which you can visit to fill out an application form.

  1. Hidden fees and high interest

Payday loans are quite straightforward and don’t really require any complication in the loan agreement. It is the kind of loan where the i-give-you-money-and-you-pay-next-month type of loan. Of course with added interest rates. But some lenders, especially those who have not accredited overcharge interest rates and apply high fees. This is the reason why borrowers often end up paying too much for a payday loan. Payday loans are effective means of managing your expenditures if you scrutinize the legitimacy of the lender you approach.