Almost 50 million American’s will not be able to pay their credit card bill this month. That is just a mind-numbing statistic. The pandemic is putting millions out of work and cutting into the paychecks of millions more.
If you’ve been negatively impacted, you should apply for a “catch up” loan (also known as a “cup” loan). Don’t know what a catch-up loan is, don’t worry. Here is the inside scoop on what it is and which lenders are offering them.
What Is A “CUP” Loan?
It’s easy to fall behind on bills. Unexpected expenses always come up. But now, more than ever, those unexpected expenses can drive a hole in your budget. That’s why a catch-up loan exists. A “cup” loan allows you to apply to borrow a specific amount of money to get caught up on outstanding bills.
If you have spoken to your credit card company or mortgage provider about forbearance/delaying a payment, a cup loan is an ideal solution. If your mortgage payment is $1,450 a month and you are starting to fall behind, a loan for $10,000 could be a winning solution.
$10,000 would provide six months of mortgage payments and allow you enough cushion to ensure you can make the monthly loan payments while you get your finances back on track.
Who Offers CUP Loans?
Based on all our research, the best loan service to search for a “cup” loan is Fiona.
Fiona is the fastest, easiest, most comprehensive way to search loans and savings accounts from the top providers. By filling out a simple form, Fiona checks if you are pre-approved and gets the best offers from the top providers for you in seconds so that you can get instantly matched with the right personalized recommendation all in one place. You can borrow as little as $1,000 and as much as $100,000, with loan terms of up to 7 years. The interest rate you’ll pay will depend on your creditworthiness. It will take you less than 60 seconds to apply. Credit card debt can get out of hand fast, but you don’t have to continue paying those outrageous interest rates.