When is the Right Time to Take Out a Loan
It’s a tough spot to be in: You’re working to make ends meet, you already have some sort of debt, and yet you find yourself still needing more money. If this sounds familiar, you’re certainly not alone. In fact, two out of every three U.S. adults have debt. So, when you find yourself potentially needing to take on even more, it’s important to ask the question: Is this the right time?
At LendNation, we understand that life happens and lots of us need to turn to other cash solutions. That’s why we’re breaking down the best times to take out a loan to help you navigate a sometimes-difficult decision.
When It’s Bad Timing
Yep, you read that right. A good time to take out a cash advance loan is when it’s a bad time. Maybe you have an emergency car repair on a Tuesday but don’t get paid until Friday. Or you accidentally shatter your phone and have to shell out money for a new one the same day. And, if you’re among the several Americans who don’t have an emergency savings for days like this, you can find yourself in a pretty tough spot.
In situations like this, you can turn to a loan through LendNation. With quick approvals and cash same day or in one business day, you can stop by your nearest location or fill out an online application and get the money you need to tide you over when life’s hurdles pop up at a bad time.
When the Purchase is Absolutely Necessary
In addition to dealing with unexpected expenses, we oftentimes find ourselves backed into a corner and have no other options. For example, instead of paying to replace a new tire, maybe you have to buy a new car entirely. Or, you come home to find your air conditioning has gone out in the middle of a scorching summer and it needs to be replaced. These types of purchases are absolutely necessary and, more often than not, urgent.
LendNation’s installment loans and payday loans can be a great short-term solution for these unfortunate situations. If you own a car, you might qualify for a title loan which offers even more money. All three loans can get you money fast.
When You Can Afford the Payments
Taking out a loan usually means you can’t afford what you’re paying for at the moment and need to pay it off over a longer period of time in smaller installments. However, it’s important to know and understand your interest rate and expected monthly payments so you don’t put yourself in a position in which you can’t pay it off.
Before applying for a loan, ensure you know what your current monthly budget is and how much leftover money you have to make loan payments. Don’t over-borrow if you know you won’t be able to afford the payments — whether they’re weekly, bi-weekly, or monthly. This can also be a good time to re-evaluate your spending habits to see if there are areas in which you can cut back to afford your payments.
Also, be sure to get a clear understanding of your interest rate and how it will affect your payments over time. Factors such as these can help determine how much to borrow, how quickly you can pay it off, and how much you can afford to pay back each month.
Find the Right Fit with LendNation
No matter the situation you may find yourself in, LendNation is ready to help find a solution. From smaller, short-term loans to moderate, mid-term loans, we can help find the one for you. And our quick turnaround time ensures you’ll get your money on your time — when you need it most. Stop by one of our more than 200 locations or start your online application for a title loan, installment loan or payday loan today!