Costs have risen and are continuing to rise across the country, causing financial difficulties for many Americans. People are struggling to afford everything from basic necessities to necessary medical care, and it appears there is no end in sight when it comes to the climbing prices. However, Spotloan has taken notice and has an update for their current borrowers, as well as new ones who need money quickly. Read on to better understand what is driving inflation across the United States, and what Spotloan is doing to make things a bit easier.

What is Driving Inflation?

There are numerous different factors that are contributing to inflation. One factor causing inflation is an increase in production costs, as well as an increase in demand for those products or services. As a result of the start of the pandemic, which triggered nationwide shutdowns on products and services, the economy has taken a hit. Companies and corporations are now able to raise their prices freely in order to recoup revenue that was lost during a shutdown.

How is Spotloan Assisting Borrowers During This Time?

Spotloan is taking notice of the rising costs across the country, as well as how this current state of the economy is financially impacting the lives of current and future borrowers. For this reason, Spotloan is not following the inflation trend like other companies are. Instead, Spotloan is:

1. Choosing to Keep APRs Steady

While prices and interest rates are rising across the nation, Spotloan wants to hold firm on creating a customer-centered experience by withstanding the rising costs. This gives borrowers an optimal borrowing experience in a time when many are being faced with financial uncertainties.

2. Lowering APRs for Repeat Customers

Spotloan takes pride in having repeat customers that considerably value the services provided. As such, Spotloan is now offering a lowered APR for customers after they pay off their first loan. In the past, Spotloan has offered a 460% APR for customers that are on their second through ninth loan. Now, these customers will be eligible for an APR between 330% to 460%. For those that are on their 10th or greater loan, they will be eligible for an APR of 99%.

Spotloan: A Better Way to Borrow

Spotloan puts the power of borrowing back into the hands of the consumer, allowing borrowers to choose a payment amount that works for them and their budget. Applying is confidential and can be done quickly online in 10 minutes or less. Once approved and after you have accepted your loan terms, your money will be transferred to your bank account as soon as possible, potentially on the same day. 

Questions about the process? Check out the Spotloan FAQ. Start your application today!