If you’re looking for fast funding options for unexpected bills, medical expenses, or any number of other reasons, an online search yields many results. However, not all lenders are created equal.
There are a few different types of short-term loans you can find online: payday, personal, and installment. Because of the negative connotations of the term ‘payday loan’, many payday lenders have rebranded these loans as personal or installment loans, which typically have lower interest rates. But if you take a closer look at the rates and terms on these lending sites, you will see that the rates are more in line with payday rates – extremely high and structured to keep people in a continuing cycle of debt.
Therefore, it’s important to always understand the rates and terms before applying for or accepting a loan of any kind.
The Helix Difference:
Helix offers no-collateral required, personal installment loans with terms up to 24 months. That means the loan is repaid over time with a set number of scheduled payments. You can pay off your loan or make additional payments at any time without additional fees or penalties. In fact, the earlier you pay, the more you save on the total cost of the loan.
Unlike payday lenders, Helix is upfront and transparent about the type of loans it provides, the repayment terms, and total cost.
We approve people for the maximum amount they can afford, while giving them the opportunity to select a loan amount if they want to lower their payments. There is no obligation to accept a Helix loan offer and every offer includes a 30-day window to accept. After this window, customers can re-apply for a new loan offer at any time.
Another Helix loan benefit: once a customer has paid off their loan in full, they are eligible for additional funds and, in many cases, can get a higher amount at a lower interest rate than their previous loan.
It’s no secret that high interest rates go hand in hand with online lending solutions. These high interest rates make paying back a loan extremely difficult. Often, the rates listed on lending sites are very vague and can be as high as 2500%, once the interest and other fees are factored in.
When you take out a Helix loan, you are in control of the amount you borrow and how much interest you pay. We allow you to see exactly how much your loan will cost, including interest. Because we do not charge fees or penalties for making additional payments to principal (in fact, we encourage it), you can significantly reduce the amount of interest you pay by paying your loan off early. That’s why most of our borrowers end up paying off their loans within several months.
It’s not often you hear of short-term lenders encouraging their customers to pay off their loans quickly to avoid unnecessary interest and other fees. It’s also uncommon for short-term loan providers to allow customers to choose how much they borrow and are transparent about the total cost of their loans. Often, the only time you’ll hear from these lenders is when they want payment.
The Helix Difference:
One of the things that sets Helix apart from other lenders is that we truly value and care about our customers. We’re human, too. We know that life happens and that sometimes it throws you unexpected curve balls – like a pandemic.
We’re here to help (and happy to). Our customer support team takes pride in working with our customers if repayment issues arise.
Don’t just take our word for it – see for yourself what some of our customers have to say about their experience with Helix by Lead Bank.
Still have questions? Visit our FAQ page for answers to commonly asked questions.