Why a Small Personal Loan May Be the Best Option for Millennials
Many young Americans who are part of the so-called millennial generation know how hard it can be to get ahead. Most millennials have a limited or bad credit history, are weighed down by student loans, and have yet to land a job that can pay the bills comfortably.
And while some millennials may have family members or friends to help them through the tough times where they can just barely scrape by, others may not be so fortunate. That's where personal loans come in.
What Makes a Personal Loan Different?
Traditionally, when you didn't have enough money to make it through tough financial times, you could either ask your boss for a raise or go to the bank and borrow money. These days, though, most bosses might scoff and send you back to work -- and the banks would need one crazy good reason why they should give you the small stipend you need.
In fact, without a solid credit history or someone to cosign, you're very likely going to be turned down for just about any loan you apply for through a traditional lending operation like a bank. But with personal loans, many lenders like Atlas Credit are happy to provide millennials with loans from as low as $100 up to $1,400.
What Can a Personal Loan Help With?
If you're a millennial who has just graduated from college or moved out of living with family or roommates, such a transition period can be extremely tricky. The money you might have saved up is like a canteen in the desert, but if you run out of water before you find the oasis, you might have to turn back the way you came -- or worse.
But a personal loan is like finding a great big river running alongside you in your journey. It can also be the difference between getting the job that will support you from now on, and having no way to move forward with your life.
What Are the Benefits of Personal Loans for Millennials?
Taking out a personal loan can offer many advantages for millennials:
- Small amounts: If you're already saddled with student loan debt, the last thing you'll want to do is take out another huge loan. Consumer installment lenders like Atlas Credit specialize in small loans with manageable monthly payments, which means you won't be significantly increasing your burden.
- Better than credit cards: Understandably, many millennials are wary of falling into the endless revolving debt trap that comes with using credit cards. Our personal loans have a clearly defined endpoint — you'll only need to make payments for up to 12 months to fulfill your obligation.
- Fast emergency cash: Cash-strapped millennials often don't have funds available to cover emergency expenses like medical bills or car repairs. Personal loans can provide much-needed money almost immediately and with fewer hassles than when attempting to borrow from a bank or credit union.
- Fewer credit restrictions: Because of their massive debt load or limited credit history, many millennials have difficulty obtaining loans from "traditional" lenders. Personal loans are more accessible to people with less-than-perfect credit.
- Helps to establish a credit history: Millennials who have just graduated from college often have a "thin" credit file, which means they have little to no history of borrowing money. Taking out a personal loan is an excellent way to build a credit profile, which will make it easier to get approved for things like mortgages and car loans in the future.
What About a Payday Loan?
Sometimes, Millennials may opt for payday loans. These high-interest loans are usually meant to be paid back, obviously, on payday. The problem here is that you must have a payday coming up right around the corner, or else you might find yourself in much worse financial trouble than you started with.
Atlas Credit is not a payday lender. We offer personal loans to Millennials and Baby Boomers alike, whether they have excellent credit or bad credit. On a case by case basis, we'll see if you qualify after you apply online or in one of our many locations throughout Oklahoma and Texas. Then, you can pay it off on a month-to-month basis at your own pace.
Millennials may have it tough, but with the right financial help, anybody can succeed. For more information on how you can succeed financially at any age, read more of the Atlas Credit blog!
Apply for Your Personal Loan Today
Applying for a personal loan for millennials from Atlas Credit is fast and easy. If approved, you can typically receive your funds the same day you apply.