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A quarter of Arkansas on US dollar bills.

Access to Personal Loans in Arkansas

 Today's world can be chaotic and uncertain. That becomes even more stressful when someone suddenly has to go to the hospital or your only car to go to work breaks down. You must consider your options when faced with this type of problem. 

Those who face an emergency may not realize they can access personal loans in Arkansas, even if their credit needs work.

The Options

It pays to look at some options for emergency spending, like a home repair or an emergency room bill.

Bank Loans

For some people, going to a bank for a loan is out of the question. Their credit isn't a qualifier, and banks can take weeks to approve a loan. 

Another problem with bank loans is that most don't offer small amounts like $300 or $1,000. Some start at $3,000 or $5,000, and you may only need a little. Even if your credit isn't great, you may not know that you can get a personal loan in Arkansas if you need one.

Using savings

People used to have savings on hand to pay for emergencies, but that is no longer the case. Data shows that 78 percent of U.S. citizens have a savings account, but more than half have less than $5,000, and 22 percent have between $1,000 and $5,000. 

A typical American spends an average of $1,986 for a single car repair. According to home repair numbers, the average American homeowner spends $3,018 yearly on home maintenance. A typical emergency room visit costs an average of $2,200. 

person adding coins to their savings

Any one of those things can wipe out savings and still not cover the entire unexpected expense. 

Plus, the fact that 78 percent of Americans have savings accounts means that 22 percent don't have anything in savings.

These people work but face enormous stress when something comes at them out of the blue. As a result, it is challenging to figure out what to do.

Borrowing from family

Borrowing from family is another option, but the problem there is that family members may be in the same situation as you. The pandemic hurt many people's finances and drained their savings. It could be challenging to ask family members for help when you know they are struggling too. 

There are a couple of problems with borrowing from family. First, many people no longer live near their families, so it's hard to talk to them about their personal situations.

son asking a family member to borrow money

The second problem is that many families are non-traditional and involve second marriages or divorce situations where it's uncomfortable or impossible to approach family members about borrowing money.

Credit cards

Credit cards aren't the viable option they once were. The pandemic made getting approved for a credit card much more challenging, even if you get many solicitations every week. In addition, guidelines are stricter now regarding income, credit scores, and other debt. As a result, those who gain approval find their credit line is lower than the limits offered before the pandemic.

Looking at Personal Loans

While there are many loan products, one option is to look at personal loans in Arkansas. Additionally, it is an option to meet an emergency quickly and easily. 

Personal loans increased dramatically in the United States in 2022. Data shows that accounts had a 16 percent rise, with more than 25.1 million people using personal loans. 

The amount of unsecured debt totaled approximately $21.7 million in 2020. It's up in the first quarter of 2022, with personal loan debt comprising 1.1 percent of all consumer debt and 4.1 percent of all U.S. non-housing consumer debt.

One of the reasons personal loans are popular is because they can be more affordable than credit cards. Another reason is that they are more accessible, especially in rural areas like Arkansas. You can also fill out an application for a personal loan online and have the money put right into your checking account.

Personal loans are also popular because some people can get approval even though they can't be approved elsewhere. These loans look at your whole financial picture, so those who don't have a regular 9-to-5 employer and have several revenue streams like gig work or freelance projects can still get approved.

Benefits of a Personal Loan

A personal loan can offer several benefits, including:

  • Fast, private application
  • A way to help with cash flow while waiting on payment from clients, gigs, or employee
  • A transparent process where you get a decision quickly
  • Money is available either the same day or the next day

Simple Fast Loans offers an option

Simple Fast Loans offers personal online loans that can get you funded either the same day or the next business day, depending on when your loan is approved.

Loans approved before 2 p.m. on a banking day can result in money going into your account the same day. Those approved after 2 p.m. will see the money the next business day. 

Simple Fast Loans also offers instant funding for those with a Mastercard or Visa bank debit card. 

The process is simple: you must provide banking information to verify you are the applicant. However, this information is given solely to the instant verification service and is kept secure, so you have confidence it won't be used for anything other than to verify your identity.

Urgent needs covered

People get personal loans to cover unexpected expenses they otherwise don't have the money to cover. Personal loans are meant to be used for emergency purposes, and there can be times when:

  • There is a medical emergency
  • A car needs repairing
  • Your home needs repair
  • A home appliance must be replaced
  • You have a recurring or unusually high utility bill

woman wondering how to cover the cost of an emergency

Other urgent needs may fall into the spectrum of what can be paid with the money. 

Personal Loan details

Simple Fast Loans can lend you between $200 and $3,000, so it fills the gap between banks and what traditional loans won't provide. In addition, there's no collateral required, so you don't have to give things like a car title to get the loan. 

Repayments are flexible and easy, with equal monthly payments. In addition, Simple Fast Loans has a quick application process to make it as easy as possible.

Convenient and private

One of the reasons why personal loans are becoming popular across the country is because of their convenience and privacy. For instance, Simple Fast Loans has an online application you fill out in the comfort of your home. You don't have to go to a store, and you don't have lengthy loan applications to fill out. 

A decision is given within minutes, and your money can be directly deposited into your account the next business day. Personal information is secure too. 

Once you gain approval, Simple Fast Loans will send you a loan package to sign electronically. Then, you follow the guides to sign on the screen and submit the paperwork to finalize your personal loan. It's that simple.

When the papers are submitted, some pre-funding processing is done, and your loan is funded. Simple Fast Loans keeps you updated by text that your paperwork has been received and when funds are sent to your account.

About Credit

One aspect of Simple Fast Loans is that they accept those with both good and bad credit, so getting a personal loan to fund your emergency is possible even if you have less-than-perfect credit. But, of course, the most important thing is having a bank account for depositing cash and making repayments. 

You can become eligible for a loan increase with Simple Fast Loans once you make several on-time payments on your current loan and your loan balance is reduced. Simple Fast Loans will email you once you become eligible for additional funding.

Another benefit of using Simple Fast Loans is that you have an online account where you can see your loan balance. You can monitor it or make extra payments. You can also make additional payments by phone.

Lessen stress

Worrying about paying for a new refrigerator when the old one suddenly goes out or the co-payment for a hospital visit if a child breaks an arm causes a lot of stress. Those in Arkansas don't have to go through so much stress. Personal loans are available to help with cash flow as these emergencies happen. 

Those seeking personal loans can apply online today with Simple Fast Loans. You will get a quick decision that could help when needed.

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