How To Find Competitive Rate Loans for Employees

5 Tips For Finding Competitive Employee Loan Programs

Don’t take on a loan without reading the tips for finding loans with competitive interest and APR rates. Read the tips for finding competitive employee loan programs. 

Are you buying a new car? Consolidating your debt? Or paying for a medical bill? Whatever your reason for looking for a loan, it is no secret that you should look for a loan with competitive interest and annual percentage rates. Read the tips for finding a loan with competitive interest and APR rates.

Tips For Finding Competitive Loans

1. Shop Around For Lenders

Treat loans like any major expense where you research various options before settling on the best one. With loans, you should research various lenders, their loans, repayment terms, interest rates, APR, and so on. It is in your best interest to compare the different employee loan programs available to you.

2. Make Lenders Fight For You

In some cases, letting lenders know that you are shopping around for other loans gives them great incentive to offer you a competitive rate. 

3. Compare Total Costs

Interest rate is not the only, nor the best, way to determine if a loan is good. You need to consider the overall cost of the loan, which is better expressed in the annual percentage rate (APR). The APR covers the interest rate, finance charges, document fee, processing fee, and any other additional fees required by the loan provider. Do not be fooled into thinking you are getting a good deal with a low interest rate—make sure you also check the APR. Likewise, check the terms of the loan, such as how long you will be paying the loan, and if you are allowed to make extra payments. These often-ignored details contribute to the total cost of your loan. If you do not take them into account, you may be led to believe that you are getting a good deal when you’re not.

4. Find Hidden And Additional Fees

A lot of people do not read the fine print before taking on a loan. This is a big mistake because you end up missing a lot of details. Make sure that you read the fine print and take note of any fees or terms that were not discussed upfront. 

5. Opt For Shorter Loan Terms

The loan terms will determine how much you pay each month as well as the total cost of your loan. While a longer loan term often promises lower monthly payments, it entails higher total costs because your loan racks up more interest. In contrast, a shorter loan term may mean higher monthly payments but also lower overall costs. If you can afford it, a shorter loan term could be a better option and can potentially save you money in the long-run. 

If you are in the market for employee loans, you should consider applying for an employee loan program with Access Loans. We make lending more accessible, convenient, and transparent.

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NOTICE: This communication and its content are for educational and informative purposes only and should not be used as the basis for any investment decision. The information contained herein is based on publicly available sources believed to be reliable but not a representation, expressed or implied, as to its accuracy, completeness or correctness and it is not a replacement for the guidance or professional advice of an accountant, certified financial advisor, or otherwise qualified professional. No information available through this communication is intended or should be construed as any advice, recommendation, or endorsement from us as to any legal, tax, investment, or other matters. Nothing in this communication shall be considered a solicitation or offer to buy or sell any security, future, option, or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this communication constitutes investment advice or offers any opinion with respect to the suitability of any security. This information has no regard to the specific investment objectives, financial situation, and particular needs of any specific recipient.  We recommend that you never provide a third party with names, account numbers, or other sensitive information unless you are certain that it has a legitimate business purpose.

Links to third-party websites are provided for your convenience only and you access them solely at your own risk.  We do not endorse or assume any responsibility for any such third-party sites, information, materials, products, or services.  Your access and use of the third-party sites are governed by the terms of use and privacy policies of these third-party sites.  You acknowledge and agree that we shall not be liable or responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or related to the use of or reliance on any content, goods, or services available through any third-party website or resource. 

* ACCESS LOANS™ products are funded and serviced by Safra National Bank of New York (“SNBNY”).

What To Do If You Exceed Your Emergency Fund

How To Handle An Emergency With Limited Emergency Funds

Did your emergency fund come up short during an emergency? An employee loan program can help. Read on for more tips on how to handle this situation.

Things don’t always go according to plan. Sometimes you have an emergency expense that far exceeds what you have in your emergency fund. What should you do when this happens? The best way to handle this type of scenario is by getting an employee loan program.

5 Things To Do When Your Emergency Fund Comes Up Short

1. Make Only Minimum Payments

While it is smart to pay as much as you can off your credit card and other debt, you should put this practice on pause when you’re in the middle of a crisis. Pay only what you need in order to stretch out your emergency fund. You can always get back to paying larger amounts when your financial situation gets back to normal.

2. Get An Affordable Loan

If you find yourself needing a large amount that your emergency fund or savings cannot cover, apply for an affordable loan from a lender you can trust. Access Loans’ employee loan programs don’t only have fixed, low interest rates but also competitive repayment terms. These are perfect for emergencies because application is easy and takes only a few days. A loan can help manage financial stress and alleviate the pressure of needing to produce a large sum while also keeping you from taking on bad loans.

3. Negotiate What You Can

Before you try to solve problems head-on, try to negotiate with authorities first. For instance, you could ask for a payment plan or discounts if you can’t afford to pay the bills. Most institutions are ready to accommodate to some extent. You could also ask if there are non-profit organizations you can ask for help. Most of the time, you simply need to be patient and persistent to find people who will help you.

4. Shop Around

If your emergency involves a major repair or replacing a major item or furniture, always look for other options. There is a higher chance you may find another store that offers the same item for a lower price or with discounts. Always opt for the most affordable options in times of crisis.

5. Make Extra Money

If it is possible, try to get a side hustle or a part-time job. You can find  various part-time jobs online, both temporary and permanent. Having another source of income is great even after your life has returned to normal because it can serve as a fallback in case of another financial emergency. It can also help you build up your emergency fund and achieve your financial goals faster. If you are struggling with an emergency or have recently gone through a crisis that left your finances deflated, Access Loans’ employee loan programs can help you get back on your feet. Apply now.

Did you enjoy this blog? Please review us to help us improve and spread the word. We appreciate your feedback – CLICK HERE ⭐⭐⭐⭐⭐

 

 

NOTICE: This communication and its content are for educational and informative purposes only and should not be used as the basis for any investment decision. The information contained herein is based on publicly available sources believed to be reliable but not a representation, expressed or implied, as to its accuracy, completeness or correctness and it is not a replacement for the guidance or professional advice of an accountant, certified financial advisor, or otherwise qualified professional. No information available through this communication is intended or should be construed as any advice, recommendation, or endorsement from us as to any legal, tax, investment, or other matters. Nothing in this communication shall be considered a solicitation or offer to buy or sell any security, future, option, or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this communication constitutes investment advice or offers any opinion with respect to the suitability of any security. This information has no regard to the specific investment objectives, financial situation, and particular needs of any specific recipient.  We recommend that you never provide a third party with names, account numbers, or other sensitive information unless you are certain that it has a legitimate business purpose.

 

* ACCESS LOANS™ products are funded and serviced by Safra National Bank of New York (“SNBNY”).

How Allotment Loans Can Help During A Financial Emergency

In A Financial Bind? Here’s How An Allotment Loan Can Help 

Find out why an allotment loan is the best solution for any type of financial emergency. Get through a financial emergency with help from us! 

Various reports found that about 25% of Americans do not have an emergency savings fund. An emergency fund helps individuals or families to pay for a medical emergency or something similar, or for their basic living expenses in the event of a loss of income. Federal employees can take advantage of allotment loans to get through a financial emergency without going into crippling debt.

Allotment loans are a type of loan specifically made for federal employees. Federal employees benefit from low, fixed interest rates, manageable payment terms, and no collateral. Allotment loans are paid by allotting a portion of their monthly salary to pay for the loan. The amount is deducted from the employee’s salary.

6 Ways Allotment Loans Help During A Financial Emergency

1. It’s Accessible

It’s not easy applying for personal loans because they have lots of requirements and take months to get processed. Since it’s quick and easy to apply for allotment loans, they are ideal for emergencies when you need to produce a large sum of money in a short period. Federal employees who have bad credit can apply and still get approved. All you need to do is submit identification documents.

2. It’s Flexible

Allotment loans are perfect for any type of emergency because you can use it for anything. There are no restrictions unlike other types of loans and you do not need to declare what you will use it for.

3. Get Approved Quickly

When you’re in an emergency, you need to get money as fast as possible. With us, it only takes three steps to apply for an allotment loan and it only takes a week or less to process so you can get the amount you need when you need it.

4. Get Easy Payment Terms

When you get an allotment loan, you get to choose your payment terms. You can choose a long-term payment scheme with low monthly payments or a short-term one with slightly higher payments. The choice is up to you so that the loan remains manageable. 

5. Enjoy Affordable Costs And Fixed Interest Rates

We offer low interest rates because allotment loans are meant to help federal employees in their time of need. In addition, you don’t need to worry about hidden fees.

6. It’s Great For Your Credit Score

In the past, employees have found themselves taking on bad loans that end up damaging their credit limit. Not anymore. Access Loans’ allotment loans can help improve your credit score. The company does not pull up credit scores but it does report payment history. With a consistent payment history, which is made achievable by low interest rates and easy payment terms, an allotment loan could boost your credit score.

If you’re ever in a bind, do not hesitate to apply for an allotment loan with Access Loans. 

Did you enjoy this blog? Please review us to help us improve and spread the word. We appreciate your feedback – CLICK HERE ⭐⭐⭐⭐⭐

 

 

NOTICE: This communication and its content are for educational and informative purposes only and should not be used as the basis for any investment decision. The information contained herein is based on publicly available sources believed to be reliable but not a representation, expressed or implied, as to its accuracy, completeness or correctness and it is not a replacement for the guidance or professional advice of an accountant, certified financial advisor, or otherwise qualified professional. No information available through this communication is intended or should be construed as any advice, recommendation, or endorsement from us as to any legal, tax, investment, or other matters. Nothing in this communication shall be considered a solicitation or offer to buy or sell any security, future, option, or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this communication constitutes investment advice or offers any opinion with respect to the suitability of any security. This information has no regard to the specific investment objectives, financial situation, and particular needs of any specific recipient.  We recommend that you never provide a third party with names, account numbers, or other sensitive information unless you are certain that it has a legitimate business purpose.

 

* ACCESS LOANS™ products are funded and serviced by Safra National Bank of New York (“SNBNY”).