The Financial Impact of Coronavirus – Can a Bad Credit Personal Loan Help?
Stocks have dived, businesses shut down and unemployment is set to rise. Could a Bad Credit Personal Loan provide financial help during the Coronavirus outbreak?
Entire cities – even countries, have been put on lockdown. Schools have been closed, employees have been forced to have days off work and travel bans are putting a halt to vacations. There is a fine line between wealth and health in times like these and it can be hard to choose which to prioritize.
But what does this all mean for the economy and you?
Stocks have taken a dive:
This has had a huge impact on the global economy. Therefore, meaning less capital available for banks to loan people money.
As the global economy becomes unstable, debt begins to mount:
Those not in fixed-rate agreements can expect to see their debt rise as lenders change their terms. At this vulnerable time, a consistent income is crucial. However; right now, there is little stability.
Mounting debt brings increased concern as personal income comes under threat:
Employees are being forced to stay away from work if they have any symptoms of illness. Schools are being closed – meaning childcare / time off work for parents is required.
Threat to personal income means unemployment is set to rise:
Some businesses are directly being impacted by the virus. This brings redundancy and even closure. Consequently, unemployment is a real concern.
As unemployment rises, disposable cash falls:
The need for vacations, motor vehicles, new clothing and non-important groceries – to name a few, could be dangerously low. On the flip side of this, the need for important goods could thrive, so much in fact, that demand outweighs supply. We are all aware of the viral toilet paper crisis, but panic brings shortage. Whether that be shortage of resources, or shortage of income – neither are good.
With panic comes rules. Travel & event bans can bring a big blow to the economy:
Countries face lockdown, travel between countries is limited and more and more big events are being cancelled each day. As a result, the tourism and events industry are about to hit rock bottom. Countries and companies who rely heavily on these sources of income could be tested to the limit.
So, could a Bad Credit Personal Loan provide financial help during the Coronavirus outbreak?
When the economy reaches a tipping point, only one thing can help to repair it. This ‘thing’ might sound crazy, but it is SPEND! What is the economy lacking? Money. Who doesn’t have money? Banks & the general public. Who does have money? Private lenders.
Private lenders can loan you money and you can spend that money. By spending that money, businesses gain revenue. Business revenue means employment and growth. Employment and business growth means that money can be spent. This creates a cycle of cash-flow which is pumped into the economy as people spend more and businesses begin to gather momentum. The economy starts to pick back up, banks start to receive more money and BOOM, we’re back.
You might be thinking- “I have a bad credit history, so why would a bad credit loan suit me?” Well, bad credit loans usually have lower interest rates than credit cards can offer you. On top of that, it is unlikely that you can get hold of a credit card anyway if you have bad credit. So it’s reassuring to know that if you are in need of money and you have bad credit, there are opportunities out there.
Whatever it is that you need a loan for at this uncertain time, Bad Credit Loans can help you.
Get financial help through the coronavirus epidemic with a bad credit personal loan. Even if you have a bad credit rating, you could still get the loan you need. Keep ahead of the curve and get in touch with our expert team to help you through this difficult financial time.