San Diego, CA, May 19, 2020 (GLOBE NEWSWIRE) -- A lending company from California is offering low-interest loans to borrowers affected by the government-imposed lockdown. Representatives of Davenport Financial San Diego say that this will help address the financial impact that COVID-19 has brought to the country. With so many Americans now uncertain of their financial future, Davenport Financial's loan solutions just might be of help, according to the firm.
The epidemiological threat that causes the deadly disease COVID-19 has disrupted the American economy, according to reports. The Labor Department recently released findings that as many as 20.5 million Americans are now unemployed. While US officials are planning another round of monetary aid for citizens, it is yet to be passed by congress.
The United States had its first confirmed coronavirus case in January and numbers went up to 80,000 cases by March. The numbers are still increasing, based on recent reports, leading experts to project that the lockdown might be extended. US President Donald Trump said before Easter that the government might ease COVID-19 measures but the suggestion did not push through.
Even before the global health emergency descended on US soil, many Americans were already having a hard time paying their bills. Most of these individuals, according to a New York Times report on 23 April, were living from paycheck to paycheck. The cost of housing, childcare, along with medical bills, student debt, and other expenses was already too high. It is also noted by economists that the country's economic growth in the past decade has not helped bring security to most citizens. This means, experts note, that most Americans do not have enough savings for emergencies or none at all. A Pew Research Center survey says that only 47 percent of the population say they have enough money for emergencies. With COVID-19 in the country's midst, those who do not have enough funds are in stressful conditions and are left with little to no support.
People from different income levels are feeling the pinch and businesses are having a hard time coping with the pandemic. Many do not know what the future will bring and experts believe that there will be a financial hardship for many people in the US in the coming months or even up to December this year.
The pandemic, as projected by the country's top economists, caused massive layoffs in affected areas and today, millions of families are dealing with a financial nightmare. As the labor supply decreased in the past few months, the demand for products and services also went down, according to officials. The uncertainty that the American economy is experiencing at the moment has been projected by the International Monetary Fund as well, noting at the time, that financial markets are going to be volatile in the coming weeks.
While policymakers are racing to address the impact of the virus, many Americans are contending with budget constraints at home. With millions of people out of jobs, the need for relief has become more pronounced than weeks prior. Although millions of citizens will benefit from the next round of aid, not everyone will be covered by the policy, according to a report by NPR. This is where Davenport Financial enters the picture, its officers say. The company offers an easy and convenient application for those who are stuck at home and those who are in dire need of a financial infusion for them to tide the crisis. Americans can apply for a loan in just minutes and can get approval within the day, the company says. The interest rate is "as low as 5.49%" with flexible payment terms, the American firm adds.