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Every year, millions of Americans find themselves in situations where financial assistance is required. By many estimates, roughly half of Americans do not have $400 saved and available in the event of a financial emergency. As such, the number of people who encounter various emergency situations – but who lack liquid resources to cover the costs – is quite large.
There are many methods by which people can secure temporary loans and finances to cover unexpected costs, but each method varies in terms of who can qualify and how much they can borrow. While banks and other mainstream financial institutions may prove beneficial to those in need of immediate cash, all too many fail to qualify for such assistance.
This is where quick cash and same day loans can be beneficial to millions of Americans who are struggling. But what are the reasons why short-term loans are needed in the first place? Let’s take a look at the most common reasons people find themselves needing access to same day loans in order to better understand the challenges that they face.
Easily one of the most common reasons people require short-term loans is the existence of previous debt. Many situations arise where finances are tight, but all of the basic expenses are still covered.
This still leaves people with the need to cover any existing money owed, whether that be credit cards or personal loans. In almost every situation, borrowing money in the form of fast loans is preferable to defaulting on existing debt. Failing to pay your existing bills on time can result in damage to your credit score or loss of assets.
As such, millions of people use short-term loans annually to help meet existing debt obligations and make ends meet until their next paychecks arrive.
More than six million homes are sold each year in the United States: that’s a lot of buying and selling going on at any given time! Despite demand for housing recovering since the Great Recession, there are many who struggle to make their mortgage payments on time without a bit of assistance. In fact, mortgage statistics show that roughly 3% of all mortgages are currently in delinquency by 30 days or more.
Short-term loans that can be obtained same-day are vital lifelines for families that are on the verge of foreclosure or repossession. Through responsible use, these loans are commonly utilized to help people navigate a difficult month or two until personal finances improve. Given that most homeowners only face eviction due to a temporary period of economic hardship, these loans often provide enough of a “bridge” to help families make it through to the other side and save their homes.
It is no surprise that the cost of healthcare in the United States is out of control. According to the most recent healthcare statistics, Americans spent 17.8% of their total income on healthcare in 2018. That’s nearly 1 in 5 dollars directed toward healthcare alone!
The reasons for high healthcare costs are varied but include:
Given the sheer cost of healthcare and the already-mentioned fact that half of people don’t have $400 for an emergency, it shouldn’t be surprising that people often need short-term loans for medical emergencies.
Everything from unexpected illness of a child to emergency dental work can quickly cause personal budgets to spiral out of control. Particularly for these kinds of situations, being able to secure a short-term loan same-day can literally make the difference between life and death in some cases.
Previous battles with debt and finances can leave many people struggling to secure traditional loans. It is estimated that roughly one-third of American adults have credit scores below 600: that’s in the category commonly referred to as “bad”.
While people who have bad credit may find themselves needing to use loans for 12 months as a means of borrowing money, it also is commonly used to help repair credit as well. While most short-term lenders do not check credit nor report to the major credit bureaus, short-term loans are sometimes used to improve credit in other methods.
Secured credit cards and loans are one of the most popular ways to improve credit. These function by providing 100% of the loan’s amount in funding up-front, requiring the borrower to repay any amount charged or borrowed over time. These loans do improve credit and using short-term loans to establish the initial funding for such measures is more common than you might think.
While mortgages and emergency expenses may be the biggest and/or least expected aspects of our monthly spending, smaller yet more predictable obligations can likewise be difficult to manage.
Workers who find themselves struggling to meet all of their financial obligations often first take care of the biggest obligation of all: housing. From there, however, many other bills may remain that – if left unpaid – could result in repossessions, credit issues or a loss of service. Some examples include:
When just one or two weeks is the difference between paying bills on time versus being late, people often turn to short-term loans as a form of assurance. By borrowing same-day and paying back over the course of a few weeks, workers enjoy peace of mind and can navigate unexpected hiccups in their finances.
More than 30 million Americans move each year, making it the most common act of major stress in most peoples’ lives. People move for various reasons, such as:
The act of moving is not only mentally taxing but financially draining as well. The average cost of a local move exceeds $1,000, while a move to another part of the same state can be double that. Expenses can add up quickly – from moving essentials to putting a down payment or deposit down on a new place.
Short-term loans with a fast turnaround offer quick and easy access to funds for those who need to move. In particular, those who find themselves needing to relocate quickly may not have the opportunity to save for the process, making short-term loans commonly needed in these situations.
Before people are willing to borrow money from others, they often exhaust their own finances. Some do so to the point that it costs them more money than it would to simply borrow in the first place.
Take overdraft fees as one example. In 2017, Americans paid nearly $35 billion in overdraft fees to banks and financial institutions. That’s equivalent to the cost of community college for 10 million students annually!
Whether it is to undo the damage caused by multiple overdraft charges or to provide enough extra cash to avoid accumulating them, quick short-term loans are commonly used to navigate this situation. With 10% of young people overdrafting 10 times or more per year, it’s easy to understand why access to fast alternative sources of funding is so desperately needed by many.
Many people feel ashamed to ask for financial assistance. Others may frown upon using short-term lending services to quickly obtain cash and navigate a financial hardship. There is no shame in using tools available to protect yourself and your family members from further financial loss.
Whether it is to take care of medical expenses, safeguard your home or avoid additional late fees, short-term loans make it possible for millions of families to keep their heads above water in these trying times. The needs are vast, but the benefit is universal: short-term loans – when used responsibly – are an effective financial tool that can help those with minimal credit and resources.
These reasons above highlight why short-term loans are so commonly used by millions of people. Each circumstance is different, but access to same day loans and easy approval are a godsend for many seeking to manage their financial situations.