Despite your best intentions, you won’t always be prepared for what happens in life. Emergencies will happen whether you like it or not and usually when you and your bank account least expect them. A frozen pipe can lead to a flooded basement. The car that you rely on to get to work every day breaks down. Or maybe you have to visit the hospital for urgent care, and the resulting bill (on top of all the others you accounted for) throws your budget from black to red. Do you have a realistic plan set in place to meet your responsibilities without overdrawing your checking account? If your answer is no, don’t despair. You can handle all of the unexpected bills life throws at you with the help of a small dollar loan.
Small dollar loans come in all shapes and sizes, which can make navigating them all the more difficult. Not every loan you come across will be appropriate for your needs or financial situation. Many Americans get trapped by predatory lending companies that provide huge sums of money at the cost of restrictive rates and terms. With no means to repay a loan so outside of their means, these struggling people will add penalties and interest onto an already unmanageable amount.
You don’t want to get caught by the same trick, so it’s important to consider your lender wisely. Only contact those lenders that are licensed by your state to provide loans. The United States government has enacted legislation to regulate terms and conditions to limit those lenders that are guilty of usury. Learn what the loan rates and terms for your state are, so you can easily disregard those lenders that don’t follow them.
Unfortunately, companies learn to adapt and can still snag the unsuspecting consumer, so it’s important to look for more than just state licensing. The lender you choose should also restrict the loan amount, available to first time lenders, to $200 and $1,000. The repayment of these small sum loans should be flexible, so as to not add additional burden to your budget. When you and your lender decide on a manageable repayment program, you can confidently pay back your loan without worry.
Most often, the lenders that meet these criteria are direct online lenders which means you can quickly and easily apply online. In no time at all you can find out if you are approved, and if you are, you can have your money electronically transferred to your account within one business day. With a state licensed direct online lender on your side, you can have a realistic plan to meet all of your responsibilities. A small dollar loan from a trustworthy source can help cover all of those unexpected emergencies.