When an emergency presents itself, it would be great to simply go to the bank and get enough cash out of a rainy day account to remedy a problem. Unfortunately, studies show that approximately 27% of American’s do not have an emergency fund. Recently, 45% of adults in the United States said that they had an emergency take place during the past 12 months which required substantial funds. For those that fall into that category, what is the best way to cover the expense and have a reasonable payment plan?
Installment Loan vs Payday Loan
When a traditional loan is taken out, installment payments are made to pay the loan off. This seems to make for a less stressful experience. A payday loan requires that the loan be paid off on the next payday, otherwise different fees start to get tacked on. Whether there is an unexpected automobile repair, a home repair or something medical that requires payment; it is best to have some flexibility and not be worried that am entire paycheck being used to pay off a payday loan. Many times, people find themselves short of cash again after making that large payment. Then, they are back to square one.
What is the Installment Plan Like?
When taking out a loan, equal monthly payments are established, an exception could be the first and last payment. Maxlend Loans offers several different loan products. If a borrower gets paid weekly, biweekly or monthly there are programs for each specific need. Some individuals decide to pay additional principal if they have some extra income during the life of the loan. MaxLend Loans is an advocate of responsible borrowing, as well as making sure the borrower understands the exact terms of the paperwork that they sign off on.
When applying for a loan with Maxlend Loans, the applicant can go online and fill out an application. Then additional information and details can be worked through by phone. Loans for up to $2000 can be approved and deposited into the bank as soon as the next business day. Visit www.maxlend.com and read more about the programs and start the application process.