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Nonprofit warns against predatory loans amidst war – Arutz Sheva

Following the outbreak of the war between Israel and the Hamas terror gorup, and due to the difficult atmosphere in the country, many families find themselves caught up in financial difficulties that they were not prepared for. In addition, many businesses were damaged, and people are locked in their homes, especially in the southern region.
The Pa'amonim financial education organization warns that the current reality may cause families to take wrong steps regarding taking irresponsible loans.
The organization emphasizes that there are entities that take advantage of the situation and send SMS messages that tempt families to take loans through a link and quickly, without specifying in advance the details, the interest rate, time of repayment, and other important aspects of the loan.
For example, one of the text messages that reached many families in Israel read: "In light of the security situation, get a loan that will help you get through these days."

In addition, the organization points out that it is important to be careful also of the few scams that work with this method. They also warn not to resort in any way to taking loans from the gray market.
Sharon Levin, director of information at the organization, said: "We are turning to the public to emphasize that even in a state of war and economic uncertainty about the future, we must conduct ourselves with financial responsibility and not take steps that could lead to an ongoing economic crisis. Everyone should take a breath and consider every step before choosing to take a loan, and also If there is no choice and you choose to do so, then it is important to deal with the authorized and supervised entities such as banks, try to compare offers and also bargain to get the best offer."
According to her, "It is important not to be stressed by the situation and therefore make mistakes. We invite the public to contact us and the volunteers and the experts at Pa'amonim both in routine and in war will help and accompany the families who need it to help get out of financial distress. We hope for good news."

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