The following post is from FMF contributor Brad Richardson.
It isn’t always easy to get a loan from a bank or other financial institution when you need it. But sometimes life throws overwhelming circumstances our way and the only way we can try to get by is by having that extra cash because, let’s face it, everything costs money.
Auto loans are often one of the most frequently issues types of loans. When family circumstances change, purchasing a vehicle may be required. And not everyone has the means to come up with funds to buy a car. The same goes for buying a house; many people take out homeowner loans because not everyone can afford down payments. Sometimes emergencies occur and someone becomes hospitalized. Medical bills can skyrocket, and it’s important to at least be able to have peace of mind knowing you can pay them.
Many people fall into debt for these major reasons. And speaking of debt, folks often attempt to correct it with bill consolidation loans. Everybody winds up in some kind of debt at some point in their lives. People experience debt from auto loans, mortgages, credit cards, student loans, monthly bills, or anything else that could set you back too much. U.S. consumers have created a total debt in the billions and trillions of dollars.
There are many reasons why people might take out a loan, but not everyone is easily approved. However, if you need advanced payment now and can’t meet a bank’s criteria or don’t have the time to wait for it to be approved, there are steps you can take.
How It Works
The way it works is you will be matched up with a lender from the network in a matter of seconds, who will then contact you for additional information. You might have to fax some documents back and forth, at least be able to provide proof of employment, ID proving you are a U.S. citizen 18 or older, and proof of a checking account in your name. You’ll also need a working email address and be able to provide a home and work phone number to reach you at. When the lender approves you, your loan will be transferred to your checking account using the most secure and advanced encryption technology to protect your private data.
What to Do If I Default
The loan and its fees will automatically be withdrawn from your account when it’s due. But be aware that each lender has their own late payment policies, and it also often depends on state laws that determine whether a lender can even provide an extension and what kind of late fees can be incurred. It’s up to you to understand the policies prior to applying and signing your legal obligation for repayment. Defaulting on the loan may incur even more fees, so also be sure to calculate the costs before applying if you think you might have trouble with repayment. Or else you might find yourself in the same hole all over again.
A sudden shortage in money can be due to a variety of reasons. Some things just happen without warning. But you can rest assured you can find the help out there you need. This service is completely free. No cash loans will be provided, but you will have access to one of the 100+ partnered lenders.
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