Need Help Paying Your Bills in New Mexico?
It’s common for families in New Mexico and across the United States to experience unexpected budgeting issues. A sudden emergency may deplete a family’s on-hand cash and leave them unable to pay their monthly bills on time. Unfortunately, timed automatic bill payments may synch up together unexpectedly, resulting in much more coming out of an individual’s account than they might expect. When this occurs, it can be easy to fall into the trap of signing up for more credit and debt than what is truly needed for short-term relief.
Western Shamrock is a traditional installment lender providing loans for residents in New Mexico that have trouble coming up with the money they need to pay their bills. These loans have fair and straightforward lending terms and, unlike credit cards and more substantial loans, a conventional installment loan from Western Shamrock has a fixed interest rate. In New Mexico, Western Shamrock can offer up to $2,000 to qualified borrowers.
What Is a Traditional Installment Loan?
Often called “vanilla loans,” traditional installment loans are some of the easiest loans to understand. They have fixed interest rates, meaning the interest rate you pay with your very first payment is the same interest rate you will see until you make your very last payment. At Western Shamrock, we can provide repayment schedules for four months and up to 30 months, depending on a borrower’s level of need and ability to pay.
Traditional installment loans are some of the most uncomplicated personal loans you can find. They are only for small dollar amounts, so there is less risk for both the lender and the borrower. While this type of loan may not be enough to pay off a car loan or a maxed-out credit card, it can provide just enough flexibility to pay one’s monthly bills on time and avoid the penalties for missing or late payment. Making your payments on time and paying off your traditional installment loan per your loan agreement can improve your credit score.
Why Are Traditional Installment Loans So Important?
Taking on any kind of debt is an expensive risk. When you open a line of credit or take out a loan, you must agree to the lender’s terms of repayment. These terms can vary based on many factors such as your average household income, the cost of living in your area, and market adjustments. Some of these terms may change during your loan, and your repayment situation can change dramatically with larger dollar loans.
Allowing your bill payment schedule to be thrown off track can have significant consequences. Your failure to pay on time can damage your credit, and utility companies and other service providers may shut off the services you depend on every day. When you’re forced into a situation where you cannot pay all your monthly bills, traditional installment loans offer an easy and accessible solution that you won’t regret in the future.
In New Mexico, traditional installment loans are small-dollar loans of no more than $2,000. A lender like Western Shamrock will evaluate a borrower’s financial information carefully to determine a reasonable repayment rate and schedule payments based on the borrower’s ability to repay the loan. Western Shamrock can arrange repayment terms of four to 30 months.
A traditional installment loan provides the short-term flexibility you need with no long-term consequences. While a new credit card may seem like it offers more flexibility at first, it can result in more costs over time and may eventually worsen your monthly debt.
Overcome Cash Crunches with Traditional Installment Loans
The average household income in the United States is just shy of $90,000, and research from the U.S. Bureau of Labor Statistics indicates that Americans spend more than one-third of all of their income on housing costs. This includes not only the cost of rent and food, but also the monthly operational costs of owning or renting a home, such as utility payments, cable and internet service, and cell phone service. In New Mexico, the average household income is $66,565.
When unexpected bills occur, a traditional installment loan can provide the relief you need more quickly and safely than more complex lending agreements. If you live in New Mexico, it is essential to work with a verified traditional installment lender when these needs arise.
When you choose a lender like Western Shamrock, applying for an installment loan in New Mexico is easy. With some basic financial information and documentation, we will process your loan quickly to determine the amount you qualify to receive, your interest rate, and the terms of your repayment. Start your application with Western Shamrock today, and our team will be happy to answer any questions you may have about traditional installment loans in New Mexico.