If there’s anything the last couple of years has taught us, it’s that emergencies happen.
From a global pandemic to subsequent layoffs and extreme inflation, consumers today are feeling the pinch — and unfortunately, millions wouldn’t be able to handle another emergency, like a surprise medical or home repair bill. According to the TIAA Institute, 30% of American adults wouldn’t be able to cover an unexpected $2,000 expense within a month.
In the past, getting a fair last-minute loan for an emergency was challenging. Sure, lenders were willing to lend, but in these situations, consumers often needed outstanding credit or were sometimes confronted with predatory lending terms.
Fortunately, modern financing has made it easier than ever to get a fair loan when you need it most. Here’s what you need to know.
Emergency loans provide quick cash access to cover short-term financial emergencies, like an unexpected vet bill.
There are two main types of emergency loans:
You’ve probably seen storefronts promoting traditional emergency loans before — they’re the ones advertising “quick and easy advances” or “money when you need it.”
However, what they often don’t advertise is their sky-high rates — think APRs in the triple digits. (For reference, the National Consumer Law Center calls loans with interest rates above 36% “destructive credit that harms lives and destroys financial inclusion.”)
These lenders usually charge exorbitant rates partly because they’re often loaning to risky individuals and partly because they can: they know these borrowers need money fast and may have few other options.
Traditional emergency loans often include options such as:
The traditional options listed above are still around and frequently used today. However, there are also other more modern solutions focused on making great options accessible to more borrowers. Many of these options are offered by online financing providers, like Wisetack, who aim to help consumers in need without taking advantage of them and by giving them an excellent borrowing experience. Here are some advantages you may find with these modern solutions (and that you’ll always find with Wisetack):
When a customer is stressed about an emergency, they might be tempted to turn to legacy options because those are the first ones that come to mind. However, one of the best things you can do as a business is to encourage them to conduct research and compare their options. Not all loans are created equal, and helping your customers find fair loans can help you earn their business — and save them a ton of money and stress.
Emergencies happen, and they shouldn’t condemn anyone to financial hardship. Fortunately, it’s easier than ever to get a fast and fair loan for emergencies — if you know where to look.
At Wisetack, we offer fair and transparent consumer financing that helps companies boost sales and make it easier for consumers to afford the services they need. If you’re interested in learning more about our product or our values, contact us and we’d love to chat.
¹ All financing is subject to credit approval. Your terms may vary. Payment options through Wisetack are provided by our lending partners. For example, a $1,000 purchase could cost $45.18 a month for 24 months, based on a 7.9% APR, or $333.33 a month for 3 months, based on a 0% APR. See additional terms at http://wisetack.com/faqs.
If there’s anything the last couple of years has taught us, it’s that emergencies happen.
From a global pandemic to subsequent layoffs and extreme inflation, consumers today are feeling the pinch — and unfortunately, millions wouldn’t be able to handle another emergency, like a surprise medical or home repair bill. According to the TIAA Institute, 30% of American adults wouldn’t be able to cover an unexpected $2,000 expense within a month.
In the past, getting a fair last-minute loan for an emergency was challenging. Sure, lenders were willing to lend, but in these situations, consumers often needed outstanding credit or were sometimes confronted with predatory lending terms.
Fortunately, modern financing has made it easier than ever to get a fair loan when you need it most. Here’s what you need to know.
Emergency loans provide quick cash access to cover short-term financial emergencies, like an unexpected vet bill.
There are two main types of emergency loans:
You’ve probably seen storefronts promoting traditional emergency loans before — they’re the ones advertising “quick and easy advances” or “money when you need it.”
However, what they often don’t advertise is their sky-high rates — think APRs in the triple digits. (For reference, the National Consumer Law Center calls loans with interest rates above 36% “destructive credit that harms lives and destroys financial inclusion.”)
These lenders usually charge exorbitant rates partly because they’re often loaning to risky individuals and partly because they can: they know these borrowers need money fast and may have few other options.
Traditional emergency loans often include options such as:
The traditional options listed above are still around and frequently used today. However, there are also other more modern solutions focused on making great options accessible to more borrowers. Many of these options are offered by online financing providers, like Wisetack, who aim to help consumers in need without taking advantage of them and by giving them an excellent borrowing experience. Here are some advantages you may find with these modern solutions (and that you’ll always find with Wisetack):
When a customer is stressed about an emergency, they might be tempted to turn to legacy options because those are the first ones that come to mind. However, one of the best things you can do as a business is to encourage them to conduct research and compare their options. Not all loans are created equal, and helping your customers find fair loans can help you earn their business — and save them a ton of money and stress.
Emergencies happen, and they shouldn’t condemn anyone to financial hardship. Fortunately, it’s easier than ever to get a fast and fair loan for emergencies — if you know where to look.
At Wisetack, we offer fair and transparent consumer financing that helps companies boost sales and make it easier for consumers to afford the services they need. If you’re interested in learning more about our product or our values, contact us and we’d love to chat.
¹ All financing is subject to credit approval. Your terms may vary. Payment options through Wisetack are provided by our lending partners. For example, a $1,000 purchase could cost $45.18 a month for 24 months, based on a 7.9% APR, or $333.33 a month for 3 months, based on a 0% APR. See additional terms at http://wisetack.com/faqs.