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DES PLAINES, IL, November 22, 2023 /24-7PressRelease/ -- "Countless American families are just one major unexpected expense away from serious financial trouble," says Nicole Horton, senior director of online lending services for CreditBox.com, an innovative online lender serving customers in Missouri, South Carolina, Tennessee, Utah and Wisconsin.
"For many of these folks," she continues, "traditional loans from banks or credit unions are not available—so they sometimes choose solutions like credit products that can negatively impact their financial standing. And the coming holiday season, with the extra spending it triggers, adds even more financial stress."
Research shows millions of Americans in dire financial straits
Nicole's observations are backed by alarming data from recent studies. An October 2023 report from PYMNTS Intelligence and financial services company LendingClub found that 60 percent of American consumers are living paycheck to paycheck. PYMNTS is a global leader in data, news and insights on payments and the platforms powering the connected economy.
Many of these families are living on a financial razor's edge. The study found that an unexpected bill of $500 would cause one in four consumers significant financial difficulty.
Holiday joy is offset by holiday expenses
The PYMNTS report also found such seasonal factors as fluctuating utility bills, tax payments and holidays can substantially affect consumers' financial stability. Almost half (47 percent) of consumers reported that expenses for celebrations and gifts are the top fourth-quarter stressor.
"The holidays are a time for gathering and celebrating," says Nicole, "but these often come with a price tag that drives household budgets off the rails. Hard-pressed families are desperate for solutions to help them manage their expenses."
Many consumers opt for a costly approach to managing finances
The PYMNTS study found that more than a third of consumers are turning to credit products to manage their finances, with one in five (21 percent) using credit as their top strategy.
Using credit products to cover expenses can have harmful consequences for consumers' financial standing, and the report found that this is happening with 75 percent of consumers choosing this strategy.
"CreditBox.com is proud to offer consumers a dependable, affordable solution when they need cash in a hurry," states Nicole. "We believe in helping our customers without hurting their long-term financial well-being."
Lending solutions that meet the needs of today's consumer
CreditBox.com offers a variety of lending options, including:
• Installment loans with the convenience of same-day funding
• Credit reporting loans for which CreditBox.com reports payments to credit bureaus, affording customers the chance to build their credit history while they pay off their loans
• Flex Loans up to $4,000, which provide a flexible line of credit (available in Tennessee only)
Making it easy to get the money you need, when you need it
Customers in Missouri, South Carolina, Tennessee, Utah and Wisconsin can apply for a CreditBox.com loan by visiting the CreditBox.com website or by contacting a customer service representative at 888-669-4227.
"You can apply for a loan in minutes on our website," says Nicole. "And my team of experienced and courteous lending service representatives offers assistance to customers who prefer to work with a real-live person.
"Either way, CreditBox.com is ready to provide customers with a reliable resource when financial necessity arises," she concludes. "We're there for our customers during the holiday season and all year round."
CreditBox.com, headquartered in suburban Chicago, gives customers in Missouri, South Carolina, Tennessee, Utah and Wisconsin affordable short-term lending options, with a quick and easy online application process.
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