Loan interest rates can spark a lot of controversy and confusion, usually because of various misunderstandings and poor financial education. We aim to address that problem with this article, which will give you a better idea of what to expect with interest rates for various credit sources.
1. What are the typical interest rates for traditional personal loans?
2. What are the interest rates on loans from payday lenders like Lending Bear?
3. When does my credit score come into play?
The greatest concern over interest rates centers on the potential for accumulating too much debt when you take out higher interest loans. This does not, however, have to prevent you from taking out a loan, provided you repay debts on time, and follow a personal budget.
Most folks get into trouble with higher interest rates because they disregard the loan terms or don’t try hard enough to repay them as fast as possible. If you can do that, then there are plenty of times when borrowing money is an effective approach to handling financial quandaries.
One last FAQ regarding finance relates to something more fundamental: Why do I need to borrow credit at all?
You might be someone who’s had significant trouble with credit cards and wants nothing to do with borrowing ever again. We encounter people like this all the time, who’ve suffered the sting of revolving credit. Nevertheless, there are legitimate reasons to take out a loan from a reputable institution.
If you find yourself in a tough situation with a $1,000 automotive repair, you might need a small boost to get you over the hump.
Are you behind on medical bills? Then consider an installment loan to address them rather than incur late fees and penalties.
Sometimes you can’t avoid an emergency house repair, like replacing a broken front door. Small loans can help you deal with the problem without letting it fester out of control.
If you have to deal with debt collectors, you probably already have high-interest loans in front of you. It may be a smart strategy to use an alternative credit source to eliminate the more problematic loans.
Lending Bear never wants you to feel stuck in the dark regarding interest rates or any other terms and conditions. We invite you to call us anytime to discover the best strategy to remedy your personal predicament.
Our clients come to us for help paying bills, addressing debt collection, and other problems. We offer financial products that can help take the sting out of short-term money setbacks.
Contact Lending Bear to speak to one of our representatives who can help you comprehend the loan interest rates for all of our financial products.