About 61% of Americans live paycheck to paycheck, so since they don’t have savings, most people rely on personal loans and credit cards. Even with savings, there are also several large purchases that are difficult to do without the help of some type of financing. Although there are many different reasons for loans, these are the most popular options that most people use their personal loans for:
- Debt consolidation
- Bill payment
- Medical emergencies
- Shopping and travel
- Family emergency
How do personal loans work?
Personal loans are financial instruments in which a lender makes credit for a specified amount of money to another person (the debtor). The debtor agrees to pay back the original amount in addition to the interest, and other costs associated with the loan in the time or term defined according to the established terms.
Terms such as interest and term change according to the following factors:
- Your current debt level
- Your credit history
- The amount being requested
- Your monthly income
- Time at your job and current residence
Can immigrants or non-residents get loans?
Under some conditions, non-residents can get loans in the USA, but for US citizens, lending is not a problem. Not all American banks cooperate with foreigners, and interest rates will be slightly higher. It makes sense to think about an American loan if you plan to move to the United States or decide to enroll in one of the country’s universities.
The share of immigrants in the United States is 14%. This is a large market for banks, but not everyone dares to work on it. In lending to immigrants, there is always a risk of “social default” – they lose their jobs, and hence their permanent income, much more often than the citizens of the country.
As for the United States, it is almost impossible for migrants to get borrowed funds from a bank without having developed a credit history. They have to settle for debit, prepaid, or secured credit cards.
For those who predominantly don’t speak good English living in the United States, whether they are American citizens, residents, or immigrants, it is more difficult to get financing. Therefore, SuperDinero is the perfect solution for Latinos living in the United States to freely compare financial solutions directly in Spanish on a platform designed for Latin Americans.
SuperDinero is a company formed by members with years of experience in the area of personal finance. The company was formed with the purpose of offering adequate information to Spanish speakers living in the USA about their finances since there are few resources in Spanish although the Hispanic community continues to grow in the USA.
SuperDinero helps with several different types of credits, some of the most popular:
- Best personal loans in the USA: up to $ 100,000 from 3.49%
- Best car loans in the USA: up to $ 100,000 from 1.9%
- Better business loan: up to $ 5,000,000 from 1.29%.
- Best consolidation and debt management programs
- Best credit review and repair programs
SuperDinero is partnered with other financial companies in the USA which pays them a commission for referring clients which allows them to offer you information and free assistance in your finances and offers help for businesses throughout the United States and Puerto Rico.