COVID-19 Financial Update

COVID-19 financial news has been tough on everyone; both emotionally and physically with their day-to-day lives. With working remote due to the stay-at-home orders, it has bit come increasingly difficult for most people to get what they need when they need it. When the crisis first was announced with the lockdown there was a huge number of furloughed workers who sought compensation return to payday loans. However, since the government stipend was issued, we have seen the volume of applicants decrease, which is a good sign for us to see now.

With the decision of White House guidance, states are being allowed to reopen their businesses as long as the business falls under the list of allowed re-openings. We have been monitoring the crisis from our original post regarding the effect of caronavirus on your credit.

States like Texas, Florida, Oklahoma, Alaska, South Carolina, Georgia and Colorado are all slowly releasing the lockdown with hopes that their economy will flourish once again. This is of course limited to certain businesses and locations, however for the most part, massage studios, hair and nail salons, bowling alleys, restaurants, and theaters are all opening back up again, and are deemed “necessities”. We personally don’t agree with some of these places opening as it involves either large and crowded areas, or human to human contact. Texas is one of the largest states for consumer loans to be issued in and has a high volume of repeat applicants, so releasing the lockdown there is monumental.

With this increase of lockdowns that are being lifted we are noticing that the loan demand is getting higher once again, has people go out and spend money like they used to. We are also noticing an abundance of Credit that has gone down due to this time and offering credit monitoring services in order to help you get back on your feet.

Stay tuned for more COVID-19 financial updates as we hopefully get closer and closer to eliminating the curve completely.