It happens to everyone at some point in their lives. They open up their wallet or look at their bank statement and the money they need isn’t there. It may only be a matter of time before it happens to you too. Why you end up in that circumstance isn’t necessarily important. It can be as simple as surprise rate increases on all of your utilities or as serious as necessary, emergency repairs to your household’s only car. Whatever it is, it will come with the realization that you need to borrow money in order to make ends meet. In order to make sure you find a reliable loan that’s right for your financial situation, you need to be informed about your options.
Whatever part of America you call home, there will never be a lack of choices when it comes to loans. According to the St. Louis Federal Reserve, there are over 20,000 payday lenders across the country. Not all of these lenders will have your best interests at heart, as some will deliberately offer over-sized loans with challenging rates and fees. These sorts of lenders design their terms and conditions in order to set you up for failure. By ensnaring you in a loan outside of your means, they intend to profit from the inevitable late fees and additional interest charges that you rack up.
Other lenders will have manageable, responsible loan products, but their process is too slow or laborious for your situation. Many traditional lenders have lengthy applications that require in-depth reviews of your current finances and financial history. In order to complete this process, they have to communicate with other companies that help them process and facilitate the loan, which adds time to the entire procedure. When time is of the essence or if you have poor credit, traditional loans can’t offer what you need.
Don’t be discouraged
Luckily, usurers and traditional lenders aren’t the only companies that make up those 20,000 organizations. There are direct online lenders that offer responsible access to money without requiring time-consuming, complex applications. These lenders will have a license to do business in your state. This licensing will ensure their rates, terms, and conditions abide by the lending laws set out by your local government. With this accreditation, direct online lenders will provide loans that aren’t outside of the average American’s means to repay.
To apply to a state licensed direct online lender, you need only roughly 20 minutes on a secure online network. From their website, you can fill out a simple form that requires you to prove your income, your bank account, and your email address. You’ll know instantly if you qualify, and you’ll be contacted to verify your information before you’ll know if you’re approved.
Flexibility is essential
Typically, you’ll be approved for a loan ranging between $200 and $500. If you’ve been hit by a series of unexpected bills and other charges that have drained your savings, even this loan amount can be difficult to repay in full within your next payday. In certain states, there are loans that are repaid in smaller installments according to your pay schedule. Instead of having to repay the $500 in one lump sum, you can distribute the total over several weeks.
The particular amount and the associated fees with these installment loans will differ from state to state. For those living in Delaware, Illinois, South Dakota, Texas, and Utah, you should check out MoneyKey to learn more about installment loans.
This review may take time but it’s necessary in order to find a loan that works with your situation. When you put in the effort to find a state licensed lender, you can find a quick and responsible installment loan to help you cover your expenses – even if your wallet is empty or bank statement is in the red. So open up a new tab now and start your research today.