Various online companies are popping up lately with promises to lend consumers down payment loans with certain strings attached. One such company markets their loans in a really tricky way. Here’s how it works on the surface: The company will lend the consumer the amount of the needed down payment. The consumer then has to rent out one of their bedrooms on Airbnb and share the proceeds with the company until the loan is paid off. Seems simple and easy, right? What did your folks tell you about when something seems too good to be true? The reality is that this company only works with one lender, and that lender most likely offers less than ideal terms for the consumer with unfavorable rates or terms on the loan. At the end of the day, it is always worth it to get the opinion of a professional whom you trust.
Down Payment Promises Can Be Too Good to Be True