Divorce has sadly become quite a common thing in today’s world with married couples all over filing cases and hiring lawyers to sue each other. The divorce rate is much higher in the western countries and the rate of divorces has seen a spike since 2010. There are many reasons why the divorce rate has gone up but there are some solid reasons because of which it has been stabilizing in the past couple of years.
Coming to the reasons for divorce there are just too many to pen them all down. Conflict of interest, trust issues, domestic violence, drug abuse and so on are the common reasons for the matter at hand but the leading reason is financial insecurity. It is indeed money that makes the world go round and without it, nothing really works out. It is true that love and compassion are essential too but they, like money, are just other essential pillars without which the structure of marriage cannot stay upright.
Financial issues are a global problem. They do bring out the worst in you and that’s the reason why marriages started breaking up. No one stays happy without being financially secure. It wasn’t until the loaning system got an upgrade and private companies started coming out with creative and modified solutions for the public, that the divorce rate actually slowed down. The launch of installment loans and other kinds of loans helped the couples to be more financially secure and started putting divorce lawyers out of business!
Let’s go deeper into how exactly the installment loans from emerging private companies helped lower the divorce rates.
Online installment loans for bad credit cover a lot of people
The real problem was not actually that installment loans weren’t readily available in the market for the married people but that most of them were not eligible for the loan due to bad credit. There were thousands and thousands of people who had a bad credit score and could not get their loans approved. This inability to get a loan used to leave a lot of married people helpless during tough times and resulted in things getting ugly for them due to frustration and anger. The divorce rate obviously went up during those times. It was only later that people found trustworthy companies on the internet for help. They only had to go on the internet and visit Personal Money Network for online installment loans for bad credit and other such companies that could lend them money. This dramatically lowered the divorce rate. It wasn’t just married couples but all sorts of people who didn’t have anyone else to help them were able to enjoy some financial security. The nightmare in the form of a bad credit score was finally leaving people’s minds.
Understanding credit score
A credit score is mostly unknown to people who have never applied for a loan. It is not something that you are taught in school but is very essential to deal with the new-age problems. A credit score is basically a grading system to segregate the irresponsible borrowers from the responsible ones.
How it actually works is that when someone borrows money they always have a pre-decided time period to pay the money back to the lender. If the borrower somehow forgets or is unable to pay back the money in the decided time period, then some points are deducted from his credit score. If the mistake is repeated several times their credit score becomes very low and it becomes almost impossible to get loans from the banks in the future.
They’re quicker than traditional ways of loaning
A lot of divorce cases have shown that a major reason for the friction between couples is because they aren’t able to give each other quality time. It is quite understood that today’s world is such where it is very difficult to take time out for yourself, let alone for your partner. Time is valuable and very scarce, especially for working-class couples.
If perhaps a couple needs to get a loan for their new car, traditionally, they would have had to go to a bank or would have had to call an agent over. The couple would have had to fill up a number of forms and would have had to arrange documents. All the running around would mean they would be spending less time with each other. Moreover, banks take weeks to process your loan request which would just make the people more frustrated and prone to quarrels. Banks are definitely a catalyst for divorces.
What the couple should do instead, is to contact a private lending company for a loan. These companies have a streamlined system for loans. All they would need to do is to fill the form online which would not take more than 3-4 minutes. The application is mostly accepted in the next few minutes and the money is transferred straight to their bank account within the next 24 hours.
Getting cash in hand so quickly stops all quarrels and brings a lot of relief and happiness to the couple. They wouldn’t have to step out of the house and they get more time to spend with each other.
Get a loan for small amounts
Married couples sometimes fall short of cash and need money for small household items like a washing machine, kitchen equipment or even a new phone. They feel embarrassed and don’t even try asking for a loan as they think that a loan for such a small amount won’t ever be approved. They are right in having such fears as banks mostly don’t approve loans of small amounts like $400 or $500.
With private lending companies, this is not the case. They have slabs for as low as $300 to cater to the wide variety of needs of the people. So if a couple needs a small amount of cash quickly, to perhaps replace a lost cell phone, then they can very easily do it with a few clicks of a button. However, care must be taken in choosing the right company just like you check the credit card review before opting for one. Installment loans have been around since the old ages but it was always a challenge to get the loan passed. Now, with the help of technology and options to overlook bad credit, loaning has become a very easy and helpful process. The loaning industry is booming. They are being able to help married couples feel financial safety which has helped lower the divorce rates significantly.