Sometimes, life deals you a bad hand. Unfortunately, these bum cards rarely come at a time when you’re financially prepared to handle them. A minor – yet no less serious – car accident can put your only way to work in the shop. An urgent trip to the clinic can result in expensive charges and prescriptions. A series of unexpected bills can find their way in your mailbox. Whatever it is that’s putting strain on our finances, you might be wondering how you can make ends meets.
You aren’t alone. According to a recent survey, 76% of Americans are living paycheck to paycheck. They have no savings to help them when unexpected expenses take a bite out of their paycheck. As a result, they struggle to cover these car repairs, these medical emergencies, and these bills on their own, but that doesn’t mean there isn’t a system in place to aid you and the other 76% when the chips are stacked against you.
Direct online lenders provide short-term loans to people facing similar situations every day. They offer fast and easy loans to those who need a little extra help between pay periods to cover unforeseen, yet necessary, expenses. Typically, these are small dollar loans, ranging between $200 and $500. In limiting the size of their loan products, they make the repayment of these loans easier to accommodate in your already strained budget.
Being able to pay back your loan on time – without putting a burden on your budget – is a financially responsible option. To find a direct online lender who can provide you with the tools to make this choice, you need to avoid those lenders that don’t have your financial health in mind. These lenders will offer loans in amounts so large you can’t realistically pay them back within your next paycheck. They’ll also have higher than normal interest rates and late fees associated with their loan products.
What “high than normal” means will depend on where you live, as each state has regulated the rates, terms, and conditions of small dollar loans. Your state will issue a license to any direct online lender that abides by the laws it has enacted, and this accreditation will ensure your lender provides realistic lending opportunities regarding their loans’ size and repayment. In some states, like Delaware, Illinois, South Dakota, Texas, and Utah, a state licensed payday lender like MoneyKey offers flexible repayment options in what’s called installment loans. These loans don’t have to be repaid in full at the time of your next paycheck. Instead, you can repay the loan back in installments broken up over several pay periods.
Smaller payments over time are easier to accommodate in a struggling budget, so you won’t ruin your future finances in order to cover you immediate expenses. You might not have the best luck when it comes to money, but if you know how to play your cards right and locate a direct online lender, you can get through your unlucky streak unharmed.