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Inflation is at an all-time high, and the people of Michigan are feeling the pinch. Experts estimate that the rising cost of food, gas, and other basic needs adds up to an extra $400 a month. As a result, even people with good jobs struggle to make ends meet, with many getting extra jobs to feed their families.
With this kind of economic situation, any personal emergency can hurt your finances, especially if you don’t have savings or insurance. Fortunately, you have another option: personal loans.
A personal loan can help you raise emergency cash for urgent, unexpected expenses such as medical bills, house or car repairs, etc. It can also be used to pay off debts or catch up on rent or utilities to avoid being kicked out or cut off.
Unlike credit cards, where you have to pay the amount you borrowed by the end of the month, personal loans are paid in installments. This is known as amortization. This is a fixed amount, paid on specific dates for specific months.
This has numerous benefits for someone in financial need.
First, you can quickly solve the financial problem. Many emergencies, like medical treatments, can’t be put off and can get worse with every day of delay.
Second, you have more time to plan for expenses. Since the loan has clear, specific payment terms, you can adjust your budget or look for additional sources of income. As a result, you feel more in control over your finances—and in a much better place than when you panicked over raising emergency cash.
There are two ways that lenders measure your ability to pay off the loan.
The first is to look at your history as a borrower, aka your “creditworthiness.” They will ask for your credit score, employment status, income level, or other financial records like bank statements or pay stubs. A good credit score makes qualifying for personal loans and better interest rates easier.
However, don’t be discouraged if you have a low credit score or have not yet been able to establish enough credit history to get a score. You can still qualify for a secured loan.
In a secured loan, you present collateral that can serve as security or a guarantee. This is usually a vehicle title or a property deed. The collateral must already be fully owned and registered under your name.
The lender will place a “lien” on the vehicle title or property deed if your loan is approved. A lien is a legal claim that is lifted as soon as you repay the loan. So don’t worry, you can still use your car and live in your house—you’re just using it as security.
Traditional loan applications can take weeks because of the time it takes to find a lender and possible delays in approval and processing. This can be very frustrating during a personal emergency.
That’s where Simple Fast Loans can help. All you have to do is to complete the inquiry form, and everything falls into place. We will immediately verify if you qualify for a loan and the amount you qualify for. Then it’s just a matter of submitting documents, and our customer service representatives are always there to answer any questions you may have.
Since you can do these transactions online, you can focus on work, family, and other errands related to the problem you are facing right now. During personal emergencies, time is just as valuable as money. You can’t afford to get sucked into a long, complicated loan application process.
Simple Fast Loans provides a variety of loans to meet your needs.
When a financial emergency strikes, Simple Fast Loans can help you raise emergency money with as little delay and stress as possible. Just fill out the form, and we will guide you through the process.
Browse through the Blog to read articles and tips on managing debt, improving your credit and saving more money!
