Fast-money lenders are popping up across the U.S., and they’re offering new products to help people who can’t pay on their homes.
One of the newest loans to hit the market is the Instant Loan, which lets you take out a loan for as little as $500.
But it comes with a big caveat: You’ll need to get a mortgage.
And it’s not for the faint of heart.
The loan requires you to have at least 30% equity in the home, which can cost upwards of $5,000.
And the loan is only for the first year.
To qualify, you have to meet a few requirements.
First, you need to have been in the U and living in the city of Chicago for at least six months.
Second, you must have at the time of the application been a full-time student or have a job offer in place that includes a job in the Chicago area.
And you have no history of financial problems with the lender.
For a homebuyer, the Instant loan offers the biggest savings.
The bank typically pays back the entire loan, but there are a few catch-ups.
The minimum loan amount for a one-year loan is $500, and you’ll pay interest rates of 1.25%, 2.5%, and 3.75%.
The lender also requires that you pay down your existing loan before you take on the loan.
If you do that, you’ll have to pay off any outstanding debt by making payments on the new loan.
That means the first payment won’t be enough to cover the loan’s interest rate, which will have to increase by another 0.25% each month.
But if you’re a student with little or no equity in your home, the loan can pay off the entire first year’s loan with no outlay.
That can save you tens of thousands of dollars, depending on your income.
That’s a big win for students who are struggling to pay for their home, especially since the loan typically only pays interest for the initial year.
But you also may have to deal with fees.
If the loan isn’t a good fit for your income, the lender can also charge you interest rates up to 10% on the first $10,000 of payments.
As a student who needs help with the money she’s saving, there’s no way to know what the interest rate might be.
But if you have trouble getting the loan approved, consider paying off a portion of the loan to help pay down the balance.
You can also defer payment of the interest until the next month, which may help reduce the interest you pay on the money you’re saving.
While there are no immediate plans to extend the loan, many lenders are considering the program.
And if you live in Chicago, it’s worth checking the Instant loans out.