More and more people are finding themselves needing to find a small temporary loan or some other type of helping hand just to make it through each day. One of these helping hands is an Unsecured Line of Credit.
Now there are many types of unsecured credit available. Credit cards, Installment loans, short term loans, Revolving credit plans, and also cash advances. Credit cards can help, but not everyone has a credit card or has the qualifying credit score to get on board with a credit card company. In addition, cash advance fees are high and if you miss a payment, your rates can go up and you will incur additional charges. An installment loan is an unsecured credit loan payable over a set period of time as well as a set number of payments to pay back. Short term loans come in the form of Payday Loans and Payday Advances, which a payday loan company will loan you an amount of money based on your income that you should be able to pay back within 2-4 weeks. Revolving lines of credit are a type of loan where a company gives you a credit limit and you can take some or all of the money out and then pay interest and fees until you pay the loan principal back, with no set time to pay the loan back. As you can see there are many types of unsecured loans to provide you the financial assistance needed to get through a tough time.
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So who would need these types of unsecured loans? A research survey was conducted in 2012 and found that over 12 million people in the US have used payday loans, that calculates out to roughly 4.5% of the people living in the US. It appears that 75% of people taking out payday loans were at a storefront and 25% borrowed from an online provider. The majority of payday loan borrowers were white, female, and between the ages of 25 to 44. Obviously most of the survey was looking at various surface level indicators of loan activity based on gender and race, but the survey did show that 8% of renters making 40k-100k as well as 6% of homeowners making 15k to 40k were a part of the majority of loan recipients.
Cash advance loans are of great importance and to some people can be the only last hope to get by in a real time of need. You can use the money for anything from real life emergencies, changes in the amount of your paychecks, or other various issues like car problems, medical issues, bad financial decisions, and a slew of other issues as well. Sadly enough, banks and commercial loan agencies are not interested or unable to provide you these much needed loans for small dollar amounts. So when people are faced with real life situations, where money is needed, short term cash advance companies provide these customers with an option. When applying for loans, the best route to take is that which clearly defines the difference between rates of one lender to the next. When loan agreements are blindly entered into, massive amounts of daunting debt can accumulate before the borrowers fully understands what is happening and why.
Lenders are proud to be a leading competitor in the payday loan industry and pride on lower interest rates. Customer loyalty program and work hard every day to build relationships and to help people to complete their loan agreement. In addition to offering highly competitive rates and service, credit repair function as well to help people to get themselves out of debt and on to a more stable financial future.
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