San Diego, CA, April 17, 2020 (GLOBE NEWSWIRE) -- The coronavirus pandemic is wreaking havoc around the world. Individuals and companies are grappling with financial problems triggered by job losses or full and partial lockdowns. Although many American households will benefit from the stimulus checks issued by the government, the funds may not cover all essentials.
In turn, people need to make decisions regarding meeting specific needs during the lowdown or layoff period. This state of affairs necessitates turning to reputable lenders like Birchman Lending San Diego. Doing so makes it easier to fill financial gaps.
Lending companies typically offer loan amounts ranging from $1,000 to $100,000. In many cases, borrowers can count on the lenders to approve loan applications within 24 hours or earlier. A personal loan available from online lenders can have attractive lending rates.
The rates are getting lower thanks to the Federal Reserve Bank, which has issued directives in response to the COVID-19 crisis. For this reason, borrowers can expect to find personal loans with annual percentage rates ranging between five and 36 percent
The applicable rate depends on various factors, such as credit score and income. Companies like Concise Management Services, which operate Birchman offer competitive rates. The lower cost of borrowing eases the burden brought about by the novel coronavirus pandemic.
Rates charged for personal loans typically move in tandem with the fiscal policy set by the Federal Reserve. The bank recently cut interest rates close to zero to stimulate the economy amidst the challenges caused by the pandemic. Business stoppage and widespread layoffs have become commonplace.
Fortunately, the Fed's actions are helping reduce interest rates across various aspects of the economy, including personal loans. Financial companies such as Birchman Lending San Diego offer attractive loan deals to help people cope with the challenges created by the virus.
Personal loans can provide a viable way to alleviate the current hardships. Lending companies allow borrowers to repay the loan amounts over periods ranging from three months to a few years. The repayment period varies depending on the agreed terms and conditions.
Most people taking out loans during the COVID-19 pandemic are looking to cover unplanned emergency expenses or fill a gap in regular expenses. Many individuals are tempted to apply for a payday loan during a crisis. However, these types of loans can place a heavier burden on the borrower's finances since they are often predatory. Hence, the need to rely on reliable lending firms like Birchman Lending San Diego. Personal loans come with straightforward terms and conditions, unlike payday loans.
During normal times, many borrowers take out loans to make a large purchase or fund home remodeling. The reasons for borrowing during the coronavirus pandemic are more likely to include paying for emergencies like funeral expenses or medical bills.
Personal loans provide a viable alternative in the event of a death in the family. Funerals require considerable funds to ensure a proper sendoff. Applying for a loan can make it easier to cover the casket, burial plot, and funeral home services.
In most cases, families need to reserve some money for additional expenses that may amount to thousands of dollars. Taking out becomes an unavoidable necessity if the deceased's person's assets fail to cover expenses.
Birchman Lending offers lending solutions designed to alleviate hardships during this COVID-19 crisis. It provides both personal and business loans that suit unique needs. The company's friendly staff makes it easier to find the best loan deal by providing adequate information.
If you or someone you know are going through such crises, or want to discuss other loan options, please reach out to them and get help. These companies are here for you, to help this rollover as smoothly as possible for everyone.