The global Coronavirus pandemic has damaged every aspect of life including personal financing of people. Schools, shops, even some companies have started operating online. The fewer contacts you have the less the risks to catch the disease are. We offer some useful advice how to help protect yourself, your relatives, and your money.
Check your Online Loan interest rates
The impact of coronavirus on international economies led to the interest rate cut. For example, Trump waived the interest on Federal Student Loans. Many US banks cut the rates on home loans and mortgages.
So, it's recommended to check any news and changes concerning your loan financial charges. Compare the updated Personal Loan rates from the leading online direct lenders to get the best offer:
LendYou will help you get the cash you need when you need it. You can apply for Payday Loans, Installment Loans or Personal Loans, etc. Compare the lenders and get matched with the best one.
- MIN Loan Amount: $100
- MAX Loan Amount: $35000
- Terms: Varied
- Rates and fees: Starting at 4.99% APR
- Turnaround Time: 1 business day
- $100 - $1000 Payday Loans
- $1000 - $5000 Installment Loans
- $5000 - $35000 Personal Loans
- 18 years of age or older
- U.S. citizenship
- Valid checking or savings account with direct deposit
- Minimum regular income of $1,000 per month
- Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
- Pros
-
- High up to $15,000 loan amounts.
- Minimal restrictions on how you can use your loan.
- No collateral or guarantor.
- Bad credit is OK.
- Cons
-
- It's not a direct lender, so you'll need to clarify rates and terms with the company you are matched with.
Jora Credit offers Installment Loans and Lines of Credit.
- MIN Loan Amount: $500
- MAX Loan Amount: $2600
- Terms: 24 months
- Rates and fees: 170% - 349% APR
- Turnaround Time: 1 business day
- Installment Loans
- Line of Credit
- You reside in a state we currently serve.
- You are at least 18 years old (19 if residing in AL).
- You have a job or other proven source of income.
- You have a valid e-mail address.
- You have an active and valid checking account.
- Pros
-
- Simple - it’s easy to apply right from your phone, laptop or tablet – anywhere, anytime.
- Secure - сomplete the secure online application, find out how much you can be approved for.
- Fast - accept your loan by 10:30am Central time and you can get your funds on the same day.
- Helpful - with Jora, you’ll have helpful tools to increase your earnings and maximize your career.
- Cons
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- Not available in all US states.
- At 349%, highest rate of APR is not too dissimilar to a Payday loan.
Credible offers Personal Loans, Student Loans, Mortgages, Credit Cards and other money products at affordable rates with convenient repayment.
- MIN Loan Amount: $1000
- MAX Loan Amount: $100000
- Terms: Vary by state.
- Rates and fees: starting at 5.95% APR
- Turnaround Time: 1 business day
- Personal Loans
- Student Loans
- Student Loan refinancing
- Mortgages
- Mortgage refinancing
- Credit Cards
- Credit score of 640+
- An active checking account
- US residence
- Pros
-
- Apply once to get access to multiple lenders
- Quick funding within 1 -2 business days
- No additional fees
- Cons
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- Not many lenders to choose from
- Not always available for bad credit
- Sometimes lenders may charge fees to borrow
Options in case you struggle to pay bills or loans because of Coronavirus
If Coronavirus affected your budget, you got unemployed, for example, or have been on a sick leave for a long time, can't repay any existing loans, you can find out what financial relief programs are available in your state.
Many US banks or lenders offer:
- halting repayments on loans;
- repayment holidays;
- financial assistance to customers affected by coronavirus;
- deferred loan repayments;
- waived fees and charges;
- interest free periods or no interest rate increases;
- debt consolidation to help make repayments more manageable.
- If you or your business has been affected by coronavirus, you can't pay your bills, consider applying for a Payday Loan online or Personal Loan online and work out a repayment plan with the lender to take out a convenient and affordable cash advance.
Avoid cash - Use online money
Following basic hygiene rules is one of the main principles of Coronavirus prevention. Wash your hands, avoiding touching your face, etc. What we can add to this list is stop using banknotes and coins to pay for goods and services and turn to cashless methods.
Studies have shown that coins and banknotes can serve as disease vectors, changing hands several times a day to spread germs far and wide. As COVID-19 can spread via respiratory droplets from coughs and sneezes, it’s possible that cash handled by an infected person could carry and spread the virus.
There are reports that some Chinese banks are going to destroy the cash from the most infectious regions.
Cash that comes from high-risk infection areas, like hospitals and wet markets, will be "specially treated" and sent back to the central bank instead of being recirculated. And in the central bank's Guangzhou branch, these high-risk banknotes may be destroyed instead of merely disinfected, according to state-run tabloid Global Times.
If you’re concerned about the risk of catching a virus from dirty money, use debit or credit cards, contactless smart pay apps, apply for loans online.
Read more: How to sell and buy staff online
Read more: The best instant Cash Advance Online
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