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Millennials and Their Uses for Installment Loans

June 1, 2018 | By Daniel Dewitt

For the generation that came of age during the Great Recession, money is something that they never take for granted. This generation has had to face an incredibly difficult job market, along with financial insecurity and stagnating wages. They’ve been forced to be both tenacious and inventive when it comes to making ends meet, and one of the tools more and more millennials have begun to turn to are installment loans.

Installment loans are a fast-cash option meant to help people deal with financial emergencies, make important purchases, and take advantage of opportunities that may not knock twice. Maybe you’ve already heard about or even used one of these loans before, or maybe you’re reading about them for the first time now: either way, here are some of the best practical uses millennials have found for installment loans.

Medical Expenses

The healthcare industry right now is rife with controversy, and it’s easy to see why. Studies have found that medical bills are the single most common cause of bankruptcy in the US today. Especially for those without insurance, a single trip to the emergency room or chronic medical condition can push someone with a solid savings account into the red and to the verge of bankruptcy in short order.

In situations like this, an installment loan can provide an individual with the money they need within just a few hours, and that can mean the difference between getting the care you need and having to suffer through a medical emergency and its financial aftermath.

Student Loans

Student loan debt has become more prevalent and problematic over the past decade, with the average college graduate carrying a debt load of over $37,000. More and more millennials have taken out these loans in order to afford a college education, improve their job prospects in today’s competitive workforce and increase their earning potential. Unfortunately, many find the opportunities a degree once offered are no long guaranteed and the loan payments are difficult to keep up with.

To avoid having the weight of student debt hanging over them for decades, some millennials are using installment loans in conjunction with a part-time job or scholarship to help cover expenses while attending school. Instead of having to take out a substantial student loan to pay for their tuition, books and living expenses, they use installment loans as an emergency go-to when times are tight. They get the cash they need, plenty of time to pay it back and avoid the burden of long-term debt.

Bills

While it may seem somewhat mundane, bills are something we all have to pay, but they are particularly problematic for millennials to deal with. Why? Because of the job market they were born into, millennials are also more likely to work part-time jobs, freelance, or be contract workers than older generations, and that means their income isn’t always consistent.

But despite their income being irregular, their bills arrive on time like everyone else’s, and installment loans can be a lifesaver. They’re a great tool to bridge the gap between paychecks and make sure their lights stay on all month long.