Bad Credit Loans Gallup, NM
Gallup has certainly seen better days. The loss of its major industries has driven many of the city’s residents to desperation, and the city has fallen on very hard times. Your best option may be a personal loan for bad credit in Gallup, and our program is the way to find it. With the Loans Discovery Program, you get access to a wealth of different lending options, all tailored to your situation, at no cost to you!
Hardship with No Simple Solutions
Throughout much of its history, Gallup depended on coal mining to sustain its economy. From the 1930s to 1950s, it was also a popular filing destination for Western movies, given the rugged, desert conditions. But many mining operations shut down throughout the 20th century, and Westerns fell out of favor with audiences. Today, Gallup doesn’t have a lot of economic opportunities to fall back on.
No Opportunities to Earn Money
Based on 2017 estimates provided by the U.S. Census Bureau, Gallup is operating in conditions far worse than much of the U.S. 29.9% of the population lived in poverty, and per capita income was just $19,633. Back in 2000, only 20.8% were considered excessively poor. As conditions continue to deteriorate, Gallup residents have found that getting by becomes far more difficult. To compound the problem, crime is a serious threat to Gallup development. There were 463 violent crimes committed in the city in 2014, almost five times the national median, and the highest rate in all of New Mexico.
No Coverage for Emergencies
A significantly higher than average number of Gallup residents don’t have health insurance. The 2017 census estimates revealed that about 19.3% of the city’s population didn’t have medical coverage. That’s especially troubling, given that CNBC reported the average cost of health care was $10,345 per person in 2016. That comes to nearly a quarter of what the typical household in Gallup earned in a year. This has put many Gallup residents in a situation where any emergency medical expense can lead to financial ruin.
Lending Traps are a Growing Concern
The Consumer Financial Protection Bureau found that there were around 760 payday lending stores in New Mexico in 2013. The state carried the highest ratio of payday lenders per 100,000 people at 41.78. Fortunately, the state government decided to do something about it. On January 1, 2018, New Mexico House Bill 347 went into effect. The changes it implemented include:
- Restricted legal small lending to $5,000 or less
- Capped APRs at 175%
- Require at least 120 days, and four equal installments, for repayment
- Limited processing fees to either $200 or 10% of the principal amount
- Loans of $5,000 or less must be made with respect to the provisions of either the New Mexico Small Loan Act of 1955 or the New Mexico Bank Installment Loan Act of 1959
These changes have helped to better protect New Mexico citizens, but payday lenders are still a concern. The rates are still high, and it’s very possible to become trapped with a series of recurring debts.
A Better Option for Gallup Citizens
Instead of risking your finances with an untrustworthy lender, or giving up a quarter of your paycheck to pay your debts, what if there was a better way? What if you could borrow the amount you needed, at a reasonable rate, and have a few years to pay it back? That’s what our Loans Discovery Program is all about! For thousands of clients, we’ve found tailored lending solutions in New Mexico and across the United States. Our service found the perfect option for them, and it can do the same for you!
Money to Spend Where You Need It
We specialize in providing personal, unsecured financial options to our clients. Under these types of agreements, you decide what you do with the money you borrow. It’s the perfect way to afford medical bills, house payments, vehicle repair costs, and many other debts. Because they’re unsecured, you don’t surrender any form of collateral. You can borrow thousands of dollars, at competitive rates, and pay it off over the course of several years.
Your Credit Won’t Suffer
We don’t check your credit at the start; we let you do it. As part of our enrollment process, you confirm your own score. This verifies that you have the minimum 450 that we need but without impacting your rating. Your information isn’t shared with anyone, so no one else will be checking either.
Get Money in Your Account Fast
We know that getting back-to-back calls from debt collectors can be miserable. We want to help you pay your debts as quickly as possible, so we move fast. Often, your offers are generated and ready to inspect in as little as a day, and your money can be available a few days after. The enrollment process is also quick and easy, requiring just five minutes and a few points of data.
Let Loans Now Find Your Perfect Lending Offers!
We pride ourselves on finding the best possible deals for people with bad credit. With our extensive network of quality lenders, we can find deals that get you a lot of money, protect your credit score, and give you plenty of time to repay. Don’t settle for anything less when you have Loans Now!
- Loan Discovery Process
- Credit Scores Reviewed to 450
- 2, 3, 5 & 7 Year Terms
- Loan Amounts $500 - 70K