Household income just doesn’t stretch quite as far as it once did. Because of this, millions of people are now forced to fall back on loans each year to help make ends meet. Members of the financial sector have taken notice of the growing need, and they’ve taken steps to accommodate the masses; of course, not all loans are the same.
Going to Extremes
Until fairly recently, only a couple loan options were available to the general public. Sizable bank loans cover significant expenses, but they’re paid back over long-term stints. They also became much harder to come by following the economic collapse of several years ago for those who no longer had the luxury of near-perfect credit scores.
On the other end of the spectrum, payday loans became the norm. They’re available to those of all credit standings but in lower amounts than traditional bank loans. Though they’re paid back in a matter of a couple weeks or so, they tend to accrue exorbitant interest during such a short time.
Finding a Middle Ground
Companies like Maxlend have decided to bridge the gap, offering an alternative to the conventional options and providing the benefits of both extremes. From one angle, Maxlend Loans are available in amounts of up to $2,000, which can go a long way toward covering essential expenses. Applications and qualification essentials can be submitted online with follow-up performed over the phone.
As installment loans, these short-term options are paid back over a more extended period of time than payday loans though not quite as lengthy as their traditional counterparts. As is the case with payday loans but not through banks, applicants may be eligible even with little to no credit to their names. They’re also available more quickly than bank loans, often placing money in borrowers’ bank accounts in as little as a day.
Borrowing Bottom Line
Not all that long ago, decent paychecks seemed to at least cover most basic monthly expenses. Now, they seem to fall extremely short of that vital benchmark. Loans are available to help make ends meet in times of hardship, but options of the past leave quite a bit to be desired. Short-term installment loans are designed to fill the void, offering the combined benefits of current lending extremes.