When an unexpected loss happens, the last thing you want to be worrying about is how you’re going to cover the costs that come with it.
That was the situation Rebecca found herself in when her sister unexpectedly passed away in the islands. She came to Loansmart needing urgent funds to help with the funeral, but after taking a closer look at her finances, we found an opportunity to help ease some of the financial pressure she was already carrying.
The Need
Rebecca applied for a $5,000 loan to help cover the unexpected costs following her sister’s passing.
The funds were needed urgently, so getting an answer quickly was important. But as we assessed Rebecca’s application, we noticed an existing loan that was taking a significant chunk out of her weekly budget.
The Challenge
Rebecca still owed around $10,000 on a high-interest loan with an interest rate of 32.95%. She was paying $150 per week towards this debt, adding further pressure at an already difficult time.
While we could have focused solely on finding the $5,000 Rebecca had asked for, that would have left the existing high-interest debt and its $150 weekly repayment untouched.
Instead, we looked at whether there was a smarter way to give Rebecca the urgent cash she needed while also improving her existing lending situation.
The Solution
We moved quickly and managed to secure Rebecca an approval for $20,000.
Rather than simply adding another loan on top of her existing debt, the new loan allowed us to pay off the $10,000 high-interest loan and provide Rebecca with the cash she needed to help with the funeral costs.
The new loan came with an interest rate of 23.95%, down from the 32.95% she had been paying on her previous loan. Her weekly repayment also reduced from $150 to $132, despite Rebecca now having access to the additional cash she needed.
Most importantly, we were able to get the funds to Rebecca within 24 hours, giving her one less thing to worry about during an incredibly difficult time.
Rebecca was very happy with the result. She came to us needing urgent financial help and walked away with the cash she needed, a lower interest rate and a lower weekly repayment.
Need a loan solution that looks at the bigger picture?
Talk to our friendly Loansmart team today for a free loan consultation. We’ll take the time to understand your situation, look at your options and help you find a solution that works for you.
