Well, I know of a case where someone got a loan from a not - so - reputable lender. They were promised low - interest rates, but there were hidden fees everywhere. By the time they realized, they were in deep financial trouble. The lender was also very aggressive in their collection methods, which added to the horror of the situation.
There was a person who took a mortgage loan with a variable interest rate. At first, the payments were manageable. But then the interest rate skyrocketed due to market changes. They could no longer afford the monthly payments. Their home was at risk of foreclosure, and they faced a lot of stress and financial hardship trying to deal with the situation. They felt deceived by the lender who didn't fully explain the risks of a variable - rate mortgage.
Sure. One loan horror story is when a person took out a payday loan. The interest rates were so high that they ended up owing far more than they originally borrowed. They struggled to make the payments and it put them in a cycle of debt.