According to data published by Bankrate, 24 million Americans will have taken at least one personal loan by the end of 2016. Industry experts and analysts expect this number to continue growing in the near future due to a better economic environment as well as low unemployment rates. Compared to traditional loans, personal loans are beneficial in several ways. Here are the benefits of using the services of a personal loans provider such as Rescue One Financial.
Minimal or No Collateral Requirements
An article published by CNBC says personal loan lenders mostly do not require borrowers to provide collateral when applying for personal loans. This aspect makes such loans attractive to consumers who are disillusioned with the bureaucratic red tape employed by mainstream lenders such as banks. The same article also states that personal loans also appeal to millennials who are shaping up to be the most influential generation in US history.
Contrary to popular belief, personal loans are quite affordable because they generally offer competitive interest rates. For instance, the latest data published by the Board of Governors of the Federal Reserve System shows that the seasonally adjusted annual consumer credit rate stood at 5.75% in July 2016. This compares favorably with the fixed rate of 5.99% offered by Rescue One Financial.
Unlike traditional financial institutions, companies that offer personal loans services generally process loan applications quickly. In fact, Rescue One Financial says it can deposit funds into the accounts of borrowers immediately after reviewing their applications. This makes a personal loan the ideal financial solution if you need money for an emergency such as paying a hospital or car repair bill.
The beauty of a personal loan is you can apply for one online from the comfort of your office or home. In comparison, most banks require loan applicants to visit their offices in person where they have to fill multiple forms and answer numerous questions. However, this does not guarantee that a loan application will be successful because each borrower is subjected to a risk assessment that may take weeks to complete. Besides this, Rescue One Financial personal loans do not require payment of cash-advance fees.
Access Substantial Amounts of Money
Traditionally, only banks could lend huge sums of money to consumers. This is no longer the case with companies such as Rescue One Financial offering personal loans ranging from $1,000 to $100,000. In fact, you can use a personal loan to make a mortgage down payment, purchase a car, or even fund business operations such as expansion. As such, Rescue One Financial personal loan solutions are useful to the average consumer as well as businesses.
Rescue One Financial offers a fixed personal loan rate, which means the underlying debt is not affected by interest rate volatility or economic downturns. This also makes it easier for borrowers to plan and budget their finances more accurately because the monthly payments do not change throughout the lifetime of loan.
No Early Payoff Penalties
If you borrow a personal loan from Rescue One Financial, you do not have to worry about payoff penalties. At this point, it is worth noting that such penalties or variants have tarnished the reputation of the payday loan industry. In fact, most US states have enacted laws governing the operation of payday loan lenders. With this in mind, take note Rescue One Financial does not engage in such financial malpractices because its aim is to enhance the financial freedom of its clients, not impoverish them.
Why You Should Choose Rescue One Financial
Rescue One Financial is a personal loans services provider based in Orange County, California. The company has also been voted the top place to work in Orange County because it treats its staff well and offers its clients quality financial services.
Rescue One Financial is one of the leading personal loan lenders in Orange County, California. The company offers its clients competitively priced personal loan products ranging from $1,000 to $100,000. What’s more, clients do not require collateral to get a loan and do not have to worry about early payoff penalties.