Today, there are thousands of loan companies operating all over the United States. Lending policies vary from state to state, affecting what kind of terms and rates each of these companies can offer. Corporate philosophies of individual lenders can also affect the size and term of your loan. With so many options for short-term loans, it can be difficult to find the loan that works best for you.
Small-dollar loans from trusted, direct online lenders are the best option, as these loans allow you to have access to cash when you need it most. They are available in different formats, depending on your current financial needs and capabilities. A single-pay loan is great when you know you can repay your loan in its entirety within a month of borrowing the cash. When paying off your debts in one lump sum is not an option, flex-pay installment loans are available, and you can make regular payments against your balance according to an agreed-upon schedule. Lastly, you can also apply for a personal line of credit, which offers you the convenience of a cash advance whenever you need it, requiring only a minimum payment on the capital you actually use.
Whichever loan you choose, they are typically limited to small amounts so that you borrow within your means. They are also designed around friendly terms, so that you can cope with the added interest accrued on your loan. According to a recent study completed by The Federal Deposit Insurance Corporation, theyfound that small dollar loans were positive for both consumers and lending institutions. By providing small cash advances with clear and easy-to-understand terms, online lending companies can provide much needed financial support for those in need.
Eligibility for online loans is based on having an active bank account, an active source of income, and a valid email address. If you meet these requirements, and are an American citizen, or permanent resident, at least 18 years of age, you can apply for assistance whenever you are faced with financial emergencies. Since online lending companies’ platform is the internet, you can apply using online applications that are quick and easy.
To start your own application for a small dollar loan today, you should only ever seek out online lending companies that follow state lending regulations. MoneyKey is a leading online lending source for small dollar loans in all of its formats – single-pay, flex-pay, and lines of credits. As a responsible lender, they adhere to state regulations, ensuring their rates and terms promote healthy, short-term financial wellbeing. It’s a simple process to get small dollar loans from MoneyKey.com because they want to make it as easy as possible to secure a loan.
When there are so many lending companies in the country, it’s important that you avoid malicious companies that won’t follow these guidelines. By only ever borrowing from responsible, well-established online lenders, you can find the small dollar loan that can create a more secure future for you and your family.