Short-term loans are quickly becoming the go-to solution for people who are struggling with financial hardships. Nearly 15 million Americans choose these non-traditional loans each year. There are plenty of reasons why these are rapidly replacing bank issued loans; one of the primary reasons being the imbalance between income and expenses continues to worsen. Short-term loans can quickly help those with bad credit face unexpected financial emergencies or shortfalls in their budget.
If you’re struggling to cope with financial difficulties, you should join the other 15 million Americans and secure your own short-term loan; however, you must be careful! Just as the number of people who need these loans are on the rise so is the number of fraudulent companies offering these loans. You can spot these corrupt lending companies by the unclear rates, terms, and conditions they publish on their website . By using these vague or overly complicated terms and conditions, they’re hoping to trap you in a loan that you have no means of paying back. And when you cannot repay on the scheduled day, they’ll slap you with inflated interest rates and fees on top of a loan that’ll push the repayment even further outside of your means.
That’s why it’s so important to deal with only those companies that communicate in clear and transparent language. They should also have helpful representatives available to explain any term or condition you’re unsure about just to make sure you understand your loan completely. Typically the companies that offer responsible loans and helpful customer service are state licensed direct online lenders.
When a direct online lender is state licensed, it means they have been sanctioned by your state to issue loans and their rates and fees are in accordance with the law. Often this means their loans are limited in size, anywhere from $200 to $1,000. This restriction is there for a reason;it provides just enough funds for you to make payments towards bills and other responsibilities without providing so much that you can’t reasonably repay it. Small dollar loans should be used for unexpected expenses or short-term goals with due dates that coincide with your pay schedule. If you can’t repay your loan within the terms offered, then you shouldn’t accept the loan.
Of course, not everyone who needs a loan can repay it by their next paycheck. That’s why many reputable direct online lenders offer flexible terms. A direct online lender like MoneyKey creates a reasonable payment schedule that can span over several pay periods should you not be able to repay your loan in one lump sum. Together, you can agree upon a plan that works with your finances, so you can get the loan you want without incurring late fees or interest. For more information, check out Moneykey.com/direct-lenders-online.php. As a licensed lender in nine states, they offer flexible short-term loan options for millions of Americans.
When you contact a direct online lender that you can trust, the stress of securing a short-term loan disappears. All you’re left with is a responsible loan that covers all of your financial needs – without putting you deeper into debt. So join so many of your fellow Americans, and find your state licensed direct online lender.