Should You Get a Loan from Rise Credit?
A short-term solution that could cause long-term pain
Studies on American financial health indicate that most Americans are ill-prepared for an emergency costing more than $1000. These numbers, reported by Fortunly, tell a grim tale:
American savings statistics for 2020 show that nearly 70% of Americans have less than $1,000 stashed away in their bank accounts. That number rose from 58% in 2018. Meanwhile, the number of those with savings between $1,000 and $5,000 stands at roughly 12%.
It’s not difficult to imagine an emergency costing more than $1000. A trip to the ER, even with health insurance, can easily cost $1000 or more in order to meet your policy’s deductible. A flat tire won’t likely run you $1000, but other car repairs just might. What about a busted water heater or a washer/dryer going out? If you have less than $1000 in the bank, all of these situations could spell financial crisis.
This could mean it is time to consider a short-term loan to bridge the gap between your finances and the emergency expense.
If you’ve decided a loan is the right answer right now, you may be wondering where to turn.
One option that may come up is a loan from Rise Credit. The company specializes in short-term loans with…
