Whenever someone encounters any kind of money problems, inevitable questions regarding their savings arise. How often do you set aside money? How much of your bi-weekly paycheck is reserved? How much have you already saved? For some, these can be difficult questions to answer. Not because the number is so great or their savings process is too convoluted but because they have no savings to speak of.
In fact, it’s more than just ‘some’. A recent study that surveyed 5,000 Americans has revealed there’s a savings crisis in the country. Of those 5,000 participants, just under a third had $1,000 set aside for emergencies. Over a quarter of those included in the report revealed they had a big fat zero in their savings account. Nearly just as many admitted to not having a savings account at all! However you compare to the averages, you can appreciate the stress an empty (or non-existent) savings account can create.
There are a lot of reasons why you’re incapable of saving, but they all amount to the same thing: your income only covers your necessities and nothing else. It’s not for a lack of trying. When most of each paycheck goes towards rent, food, utilities, and essential transportation, you don’t have enough left over to pay for any unforeseen expenses that go beyond your typical necessities.
Unfortunately, things like essential home and car repairs, appliance maintenance, and vet bills can’t wait for a few pay cycles to pass until you’ve amassed enough savings. Often times, these sort of responsibilities have immediate due dates, with no consideration for your financial situation. Ignoring your other responsibilities in favor of these new ones is not an option. Neither is defaulting on these bills until interest and late fees accrue. Luckily, there’s a solution to your troubles, and it doesn’t come at the cost of financial health.
A personal line of credit from a direct online lender is an excellent solution for you and any American who finds themselves just shy of making their bills on time. A line of credit is your safety net when money is tight. You can use it for anything at any time, and you’re only responsible for the minimum payment once you start using your credit.
To find out what your minimum payment would be, you need to explore the direct online lenders who are licensed to do business in your state. This government accreditation regulates the terms, fees, conditions, and minimum payment of your loan. Only some lenders have this license in certain states, so it’s important for you to check for your state licensed direct online lender. If you live in Maryland, Missouri, or Kansas stop by Moneykey.com/line-of-credit-loans-online.php to see what limits there are to your line of credit. From their website, you can learn the details of their lines of credit, and with only a few clicks, you can apply for one too.
That’s because direct online lenders need only their clients to fill out a convenient application form on their website. If you qualify, you can be approved and have your line of credit in as little as one business day. Fast and convenient, a line of credit can be a stroke of luck when your finances take a down turn. So investigate the lenders licensed to do business in your state, and find a line of credit that can help you when money’s tight.