With the cost of living expenses on the rise, it can be complicated to make ends meet and ensure every member of a family has what they need. No matter how hard an individual may work, there are still times when they aren’t able to afford an unexpected expense. Don’t let emergencies lead to financial ruin when a loan can help an individual gain the financial stability to get back on their feet. Here are just a few of the many loan products available, and how they can help an individual remain afloat.
A personal loan is based entirely on credit worthiness. The interest rate associated with this kind of loan product is similar to those of a credit card, and they are typically used to take care of emergency expenses such as home and vehicle repairs. Loans of this nature can be issued for as much as $5,000, but an applicant should be sure they are not borrowing more money than they can afford to pay back.
Payday advances are not based on credit, but rather the applicant’s employment history. The loan company will want to verify that a bank account has been open for a set period and that a person’s paycheck is direct deposited into that account. These loans are typically paid back in one lump sum, generally on the applicant’s next payday. While they do not have a standard interest rate, the company issuing the loan will charge a fee up front to cover the expenses associated with the loan process.
Installment loans are similar to personal loans, but require the use of collateral. An individual can borrow money against an item such as a computer or car. This is a good option for those with good or no credit, as the loan company will have the ability to recuperate some of their money should the applicant default on loan payments. Installment loans are paid back over time, with the loan being satisfied after 1-3 years of on-time payments.
Obtaining a loan from Max Lend can help individuals of all financial backgrounds keep their head above water during times of economic strife. Contact them today to talk to a loan originator or visit their website to start the application process. In just a few clicks anyone can be on the way to getting the money they need.