There are plenty of things that can throw us off our financial tracks. It can be as simple as a few months of utility bills charged at an increase rate, or as serious as a medical issue that brings about expensive prescriptions and fees. Whatever it is that caused your rails to switch from ‘on budget’ to ‘in the red’, you’re not alone. Nearly 26% of all Americans are struggling with their current finances and are often times reduced to living paycheck to paycheck. Before you hit rock bottom and start dealing with critical debt, turn to a trusted source of responsible money. Small dollar loans from direct online lenders can help you get back on track.
Many of those over 8 million Americans who are struggling financially turn elsewhere for help, contacting lending companies that don’t always have their financial health in mind. As a result, they fall into a trap where they’re issued loans in amounts too large for them to realistically pay back in the agreed upon time frame, forcing them to roll over and accrue interest and penalties. To avoid this trap yourself, only contact direct online lenders that encourage responsible lending.
You can tell a company is a responsible lender by the type of loans that they offer. The loan that you get to help you pay your utility bill shouldn’t be the same as the loan issued to someone else who needs help for their surprise “you need new tires” bill. Why? Because in these two scenarios, the individuals applying for their loans have completely different financial histories and capabilities. Some people only need a little help to tide them over until they can deposit their next pay check, while others are in need of bigger assistance.
A direct online lender that realizes the differences in their clients’ needs is one that you should investigate. Small dollar loans should come in different sizes (ranging from $200-$1,000) with different repayment terms available. For those who can pay back their loan by their next paycheck (in one single payment), single-pay options are better suited for their needs. If you are not financially ableto pay back a small dollar loan in one lump sum, there are flex-pay installment loans. The term of these loans are extended to allow several contributions scheduled over several pay periods.
By having multiple options, a direct online lender can help Americans from all walks of life afford a manageable loan. To ensure you get a loan that’s within you means you should evaluate nearby lenders with a keen eye. When comparing the flexible options of direct online lenders near you, you should judge your lender by the company they keep. Only look at those names on the Online Lender’s Alliance (OLA) and the Community Financial Service Association of America (CFSA). Of those names listed there, make sure they follow all state regulations. MoneyKey offers online installment loans that are regulated to ensure responsible lending and they are state licensed to provide flexible loans in Delaware, Texas, Illinois, Utah, and South Dakota. As they continue to grow and the states they operate within increase, their installment loans will help more Americans make ends meet.
So the next time an unexpected bill blindsides you and your budget, turn to a direct online lender that can offer flexible lending options. When you’ve vetted your lender to ensure that you can work together to create a realistic and financially healthy way to meet your short-term goals, you won’t have to worry about slipping the tracks towards a train wreck. With responsible lending, you and your direct online lender can keep you in the black.