Las Vegas, NV, April 20, 2020 (GLOBE NEWSWIRE) -- According to CNBC, the US unemployment rate is set to reach a record high in 2020 because of the coronavirus. The US is set to experience layoffs on a scale that has never been seen before. The headline unemployment rate is unlikely to reach the 24.9% experienced during the Great Depression but it could be the highest in almost 40 years. This is unthinkable for a job market that has been on fire over the last two years.
Steven Blitz, the chief US economist at TS Lombard has predicted that by May 2020, the unemployment rate will be around 10% with over 17 million Americans left jobless. This would be the highest unemployment rate since 1982. As of March 2020, the jobless rate was 3.5%, the lowest in over 50 years.
The International Labor Organization (ILO) predicted that COVID-19 can trigger over 190 million job losses globally. According to ILO, this latest dire assessment reflects the partial or full lockdown affecting almost four in five of the world's workforce. The rapidly intensifying effects of coronavirus on the job market are proving to be far worse than the 2009 financial crisis.
Lending companies like Pinnacle Lending have been a source of hope during this difficult time. There are helping millions of Americans to weather the storm.
In early March, the FDIC encouraged lenders to provide financial assistance to customers affected by the coronavirus. Many lenders including Capital One, PNC Bank, Pinnacle Lending, and Great Lakes among others have stepped up to the challenge. Some of the ways they are helping include:
Fee Waivers. Some lenders are waiving early withdrawal penalties on money locked up in CDs and fees on late loan payments. There are financial institutions that have allowed borrowers to skip making loan payments for a defined period.
Many credit unions have already waived out-of-network ATM fees and have extended payment due dates. This follows a notice from the National Credit Union Administration that encouraged credit unions to help small businesses and individuals during this crisis.
Andrew Cuomo, the Governor of New York, recently signed an emergency regulation that asks banks to eliminate their credit card late payment fees, overdraft fees, and ATM fees. Most New York banks are already abiding by this regulation.
Low-Interest Loans. Pinnacle Lending is leading the way when it comes to the provision of low-interest loans. Already, thousands of loan applications have been processed over the last few weeks. Rates are as low as 5%.
Loans are being offered with flexible repayment options. Because of the COVID-19 crisis, lenders are ready to negotiate on most aspects of the loan including date of payment and term length.
Financial Advice. Lending companies throughout the country are offering pro bono financial advice to people whose finances have been impacted by the coronavirus.
Easy Access to Financial Services. Because of the social distancing measures that have been advocated by the government, many people are finding it hard to visit offices. Pinnacle Lending is among the financial institutions that have made it easy for customers to access a full suite of financial services from the comfort of home. Customers can apply for loans, check their balance, make transactions and contact support through the Pinnacle Lending mobile phone app.
Pinnacle Lending Recognizes that It Has an Important Role to Play during This Crisis
Pinnacle Lending is committed to helping customers experiencing financial hardships, including from the coronavirus. If you need any assistance, you should call Pinnacle lending at (866)278-6488 to speak to a financial expert to discuss options available for consumer lending and business loans.
Visit https://www.pinnaclelendpro.com/, for more information.