Throughout the course of your life, emergencies can and will happen. Unfortunately, they usually come at a time when you’re not financially prepared to handle them. Cars will break down, several unexpected bills will pop-up, and an urgent trip to the hospital will throw your budget out of whack. But when these mini crises require immediate payment, who will you turn to? Do you have a nest egg that you can draw from or a family member you can rely on? If you’re like many Americans, you don’t. For those who are struggling to find ways to pay for the unexpected, a small dollar loan is your solution.
There are many lending options available to you, but not all of them should be considered. Predatory lending companies are famous for setting up their clients for failure. With opaque terms (written in lofty language) and rates that are guilty of usury, borrowing from some lending companies can turn what was a simple shortage of cash into serious debt. That’s why the United States government has regulated the terms and conditions that lenders can impose. You should only trust your loan and finances to a lender that has been state licensed.
Part of these regulations limits the amount of money you can borrow at any given time. The lender you choose should restrict their loan sizes, so you don’t borrow outside of your means. For new customers, this limit usually rests anywhere between $200 and $1,000, depending on your needs and financial situation.
State licensed lenders will have to meet your home state’s standards, and this is something they should be proud to advertise on their website. If, when researching a lender, you don’t see any mention of this, it’s best to avoid that particular company. In addition to licensing, an honest lender will make their website a transparent source of information, with easy to read terms, conditions, and regulations to better provide and encourage a financially healthy option for their borrowers. For example, Moneykey.com/rates-terms.php is written in plain English, so you won’t get caught up in legalese and sign a contract that you know nothing about. And should you still be confused or have questions about the information listed online, helpful representatives are available over the phone, by email, or via chat to clear up any of your concerns.
Borrowing money shouldn’t require a degree in law to understand the terms or an iron-clad will to resist large loan amounts. It should be simple. By doing some research before you contact a lender in your state, you can find a small dollar, state-licensed loan that will make paying for those unexpected emergencies as stress-free as possible. Turn to a lender you can trust and protect your financial future.