Recent surveys and studies paint a grim picture of the state of Americans’ personal finances. One report suggests only half of the country has enough savings to provide a 3-month cushion should an emergency (like losing their job) occur. Another suggests the state of their finances is much more serious than that. Forget 3-months of unemployment. Over 60% Americans don’t have enough savings to cover an emergency expense costing $500 or more, with some failing to have a savings account all together.
While the numbers may contradict each other, you understand through firsthand knowledge that savings aren’t an easy thing to amass. A simple rate increase on your utilities can drain any nest egg you’ve managed to stash aside, so it’s easy to find yourself part of the majority of Americans who aren’t equipped to handle an emergency costing $500 or more. If an unavoidable home or auto repair leaves you wondering how you’ll pay for all of your responsibilities on time, it’s time to research how to get installment loans online.
Installment loans are the ideal size for small, short-term financial obligations like a surprise trip to the mechanics. Though they range in amount, they typically don’t exceed $1,000, which makes them similar to many small dollar cash advances. Where they differ is the terms of their repayment. Unlike most short-term loans that require full repayment by the date of your next payday, installment loans offer a more flexible repayment method. The loan is repaid in installments scheduled over a longer period of time. This more forgiving schedule gives struggling Americans like you the opportunity to repay their loans without the threat of missing due dates, incurring late penalties, and accruing interest.
If you need more time to repay a simple loan of $500, an installment loan could be for you. It’s important that you read up on the details of the specific product you apply for in order to ensure its rates, terms, and conditions are something you can add to your budget. Make sure the lender has a license to operate within your state as a Credit Access Business (CAB) so they can facilitate assistance on your behalf with third-party lenders in your area. They should also maintain affiliations with reputable lending associations like the Online Lender’s Alliance (OLA) and the Community Financial Service Association of America (CFSA). When you choose wisely, an installment loan can be a practical tool helping you pay for short term goals without adding more debt to your plate.
It doesn’t matter how you compare to the biggest studies on American personal finances. Whether you’re lumped in with the average or not, you know your finances the best. Locate the product that will help you pay for emergency bills and repairs without dooming your financial future.