DES PLAINES, IL, May 15, 2024 /24-7PressRelease/ — “The statistics paint a pretty vivid picture,” states Nicole Horton, senior director of online services for online lender GoCredit.loans. “Millions of American families are constantly on the brink of extreme financial stress. And all it takes is a single unexpected expense to push them over the edge.
“But families in Wisconsin now have a lending option that can improve their financial situation,” she continues. “GoCredit.loans has commenced operations in Wisconsin, and our innovative short term installment loan will help our customers move down the path toward greater financial stability.”
An increasing number of families face financial stress
Many American families lack the savings needed to manage short-term emergencies. According to a rolling representative online survey of U.S. adults by market research firm YouGov, 27 percent of Americans had some savings below $1,000 (as of May 2023), while 12 percent said they had no savings at all.
Those grim numbers correspond with the results of a December 2023 study by consumer financial services company Bankrate, which found that fewer than half of Americans—44 percent—can afford to pay a $1,000 emergency expense from their savings. That figure is up from 43 percent one year ago.
A 2024 Bankrate study found that when faced with an unexpected $1,000 expense, most respondents wouldn’t turn to cash savings because they lack such funds. More than one-third would borrow the money, by tapping their credit cards, borrowing from friends or family, or taking out a personal loan.
A lack of attractive lending options
“There aren’t many appealing lending solutions for financially stressed consumers,” Nicole reports. “Traditional options are likely not available to them, and it would be difficult for many of these folks to secure a short-term loan from a bank or credit union.
“And many alternative lenders offer expensive, high-interest loans that would put these families in even worse financial shape,” she continues. “They may find themselves trapped in a cycle of recurring debt that’s hard to escape.
“But unexpected expenses like medical bills, car repairs or other unpredictable events are part of life,” says Nicole.
“And now that GoCredit.loans is open for business,” she adds, “Wisconsin families finally have a lending option that helps them with their immediate needs while helping them build a more secure financial future.”
Get Cash + Build Your Credit!SM
“In sharp contrast to the many lending solutions that take unfair advantage of financially stressed consumers,” Nicole states, “the GoCredit.loans short term installment loan is actually designed to put our customers in a better financial situation.”
Wisconsin customers can get funded for a GoCredit.loans short term installment loan up to $2,500, build savings and get the chance to build their credit history.
Here’s how the loan works:
• Application—After completing and submitting the brief installment loan application, customers can get approved within minutes
• Funding—A portion of the funds can be deposited directly into their bank account the same day, and a portion will be placed into the customer savings component
• Building—As a customer makes installment payments, their customer savings component builds, and their payments are automatically reported to one of the leading credit bureaus, which gives them the opportunity to build their credit history
• Collect—Once the installment loan is paid off in full, the customer receives full access to the funds in the customer savings component
“When the loan is paid off in full,” says Nicole, “customers will be delighted to find they have built savings that provide increased stability, allowing them to better handle unexpected expenses.”
Building savings, building a credit history
The GoCredit.loans short term installment loan also provides the opportunity for customers to build a credit history as they pay off their loans. GoCredit.loans automatically reports customers’ installment payment history to one of the leading credit bureaus.
“As a customer makes regular payments on their loan,” says Nicole, “they’re building savings and they’re building a positive credit history.
“Our customers have told us this is very important to them,” she adds. “It’s one of the many ways the GoCredit.loans short term installment loan is designed to help our customers get to a better financial situation.”
24/7 online convenience backed by courteous customer service
Wisconsin customers can apply for the GoCredit.loans short term installment loan by visiting the GoCredit.loans website or by contacting a customer service representative at 888-800-8172.
The application process is quick and easy, and same-day funding is available.
“The GoCredit.loans short term installment loan is an innovative lending solution that’s new to Wisconsin consumers,” Nicole states. “Our website makes it easy to apply, but for those customers with questions, our responsive and caring customer service team is standing by to point them in the direction of increased financial stability.”
About GoCredit.loans
GoCredit.loans is headquartered in suburban Chicago. The company gives Wisconsin customers a quick and easy way to build savings and get funded for an installment loan through a quick and simple online application process.
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