Megan B. Shepherd

If you need quick cash you may be tempted to get a payday or installment loan, but these types of loans may charge APRs well over 700% if you consider the fees. But getting a loan through as cash advance app or online lender may be better alternative to consider. Cash advance apps offer a convenient way to borrow small amounts of money before payday without a credit check. You may be able to get a loan typically between $20 to $500 bucks each month, and without paying interest. Instead, most cash advance apps ask for a monthly fee or tip to use the service, and some apps are completely free. Plus, cash advance apps can offer funds as quick as the same business day. Online lenders may be a good option for fast money if you have a credit score of 580 or higher. In many cases, you can avoid the high rates of payday lenders or cash advance apps all together. Plus, you can get your loan funded as quickly as one business day. For example, lenders like Upstart, Upgrade or Lightstream can get you funds as soon as 1 to 3 days, and have APRs ranging from 4.66% to 35.99%. Fast loans can help you out in an emergency, but they often come with drawbacks like higher rates that can lead to a cycle of debt. If you’re in good standing with a bank or credit union, you may be able to access higher loan amounts with lower rates within a 1 to 3 business days.

The decline in financial well-being can be attributed to a combination of minimal growth in our incomes compared to rising costs, a looming reliance on credit cards, acquiring debt and rising interest rates. A look at the numbers clearly shows a deficit in the growth of how much we make compared to rising costs of basic necessities like food. According to the Bureau of Labor Statistics, the total average weekly earnings among men and women have increased about 6% over the past year, while the price index for major categories like food increased an average of 7.7%. That means, we’re making less and spending more just to get by. At the same time that we’re being pushed to rely on credit cards and loans,, we’re also seeing a rise in interest rates. That means increased borrowing costs, which results in higher monthly payments that make it even harder for people to meet their financial obligations. And, while rising interest rates are meant to stabilize the economy, it can also slow economic growth, leading to a reduction in job opportunities and stagnant wages. Now is a good time to take advantage of any money saving opportunities. For example, if you’re a good credit borrower, you can curb any high-interest debt you have by getting a debt consolidation loan that can reduce your interest charges and make your monthly budget easier to manage. While savings aren’t as big as they may have been in the past, the fixed interest rate on a debt consolidation loan protects you against rate increases.