Nashville, TN Payday Loan Alternative
Nashville is the capital of Tennessee and it wouldn’t be a stretch to consider it the country music capital of the world. After all, it is home to the Country Music Hall of Fame and more country bars than most people could count. In 2015, the city itself had over 675,000 people and over 1.8 million in the Nashville Metro Area. Although the median household income that year in Nashville was $57,985 – over $10k greater than the median income of all of Tennessee - debt remains an issue for many residents. According to one report, the average 2015 credit card debt for the city was $6,168 the highest of any city in Tennessee that year.
Nashville Payday Loans
Debt and sudden emergencies often put people in difficult situations where they turn to the most convenient option available for relief. Even though payday loans are a fast way to get money, they have some of the shortest terms of any type of loan. A normal payday loan term is only two weeks before it needs to be paid back in full. Payday loan borrowers can opt to pay only the interest and fees to renew their loan for another two weeks, but ultimately they will end up paying more in interest and fees for that new payday loan term.
A Personal Line of Credit as a Payday Loan Alternative
Payday loans are not the only option for Nashville residents looking for convenient financing options. Ladder Credit may be able to offer interested borrowers with personal lines of credit, which can hold several advantages over payday loans.
Interested borrowers can apply for a Ladder Credit line of credit either online or over the phone. For online applications, a Ladder Credit representative will still have to verify application information over the phone, but this doesn’t take long. Qualified applicants need to be US citizens at least 18 years old with a personal checking account that has been open long enough to meet minimum open duration requirements. Applicants must be employed and have spent enough time at their current job to meet minimum employment duration requirements, and they must also meet an income minimum. Ladder Credit does not provide credit to members of the military or their spouses, and additional requirements and limitations may also apply.
After approval, borrowers can request a withdrawal from their line of credit and it will be deposited to their checking account as soon as the next business day. If a Ladder Credit customer has not withdrawn their entire line of credit, they may request additional withdrawals up to their available credit remaining. Ladder Credit borrowers can further benefit from responsible borrowing since interest on a line of credit only accrues for the amount borrowed, rather than the full approved credit line amount. Paying back line of credit balances is also more flexible than paying back a payday loan. Borrowers are only required to make the minimum payment of 10 percent of the principal plus a financing charge to keep their line of credit open. Rather than having to pay a large lump sum, which is typically required of payday loans, repayment on a line of credit allows borrowers to maintain cash flow to cover costs of living while still staying current on their loan repayment.
Practice Responsible Borrowing
Too many people take out payday loans in desperation, and end up in a cycle of debt paying only interest every two weeks without making progress on the loan principal. There are other options. Apply today for a personal line of credit through Ladder Credit.
The content on this site is for informational purposes only and is not professional financial advice. Ladder Credit does not assume responsibility for advice given. All advice should be weighed against your own abilities and circumstances and applied accordingly. It is up to the reader to determine if advice is safe and suitable for their own situation.