Getting personal loans during COVID-19 crisis

Category: Archive
Tag: #credit institute #finance #loan

As the pandemic continues its run, many lenders are struggling with difficult loan management. While some banks seem to have taken a more restrictive direction, raising the requirements for the granting of personal loans, others seem to have understood the financial difficulties of consumers by granting small-dollar loans at very affordable rates. Let’s see together what are the best opportunities on the market for those looking for low-cost loans for emergency management and what solutions are proposed by the main credit institutions to those who are facing financial difficulties.

Should you borrow money?

Non-profit organizations, charities or local credit unions have access to low-cost emergency funds. Alternatively, there are some lenders able to grant short-term cash loans, here they are.

Capital Good Fund offers an emergency loan of $300 to $1,500, with low annual rates (Loan APR: 5%; Term: 15 months) and deferred payments for the first 3 months, to consumers living in Delaware, Florida, Illinois, Massachusetts, Rhode Island and Texas. This loan does not have application, closing or prepayment fees and does not require special guarantees; in two days, applicants will be able to receive an answer.

Salary Finance guarantees, through an agreement with partner companies, loans for employees, disbursed through the same employers, who will receive privileged information on the financial health of the employees. Having obtained this (anonymous) information, companies can use it to actively support human resources who are experiencing the greatest financial stress. The amount paid goes from 1000 to 5000 $, and in any case does not exceed 20% of the salary (Loan APR: 5.9% to 19.9%; Term: 6 to 36 months).

At Credit Unions, as non-profit institutions, more favorable loans are usually offered, on flexible terms (lower APR than bank or online lenders). Borrowers with a FICO score below 629 usually have a better chance of getting approval from a credit union. Some credit unions also offer early paycheck loans, which are safer than the same short-term loans and higher interest rates.

By looking at online loans, you can find quick options for getting an emergency loan; a good credit score and steady income will normally be required to qualify today.

Published: 2020-12-16From: Matteo Belfiglio

You may also like

Opening an online bank account

Opening a bank online account is a very simple procedure that can be carried out directly from your home: all you need is a home Internet connection or access to the Internet even from mobile phones, in hotspot mode. Given that there are numerous proposals available on the net, some of which belong to 100%… Continue reading Opening an online bank account

Cashback credit cards: how do they work?

Cashback credit cards are payment cards that offer cash rewards for spending. Cashback does not mean receiving the amount in coins or bills, but it does mean having more dollars in cash, as a credit that reduces your account balance.

A guide to Savings account to save money in cash

We aim to help you to be confident in making financial decisions. Choosing the right savings account is surprisingly simple!


What is a Certificate of Deposit (CD)?

A certificate of deposit (CD) is a product offered by banks and credit unions that provides an interest rate premium in exchange for the customer agreeing to leave a lump-sum deposit untouched for a predetermined period of time.