Why you should consider personal loans during the coronavirus pandemic

Personal loans could help cover unexpected expenses with lower interest rates. (iStock)

Millions of Americans face unprecedented personal finance concerns as the coronavirus pandemic continues to affect unemployment rates months after the first case of COVID-19 was reported in the United States.

The Federal Reserve took steps in March to encourage consumer spending by lowering interest rates to near 0%. Rates have stayed low, and projections suggest that the interest rate will remain near 0% until at least 2023.

If you’re considering a personal loan, now may be a good time to move forward so you can take advantage of low rates. Get started on the application process today.

If you still want to do more research before taking out a personal loan, read on.

What is a personal loan?

Personal loans allow you to borrow funds from a lender to use for any expense. Typically, personal loans

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The U.S. coronavirus bailout spent trillions solving the wrong problem

The four spending bills that Congress passed earlier this year to address the coronavirus crisis amounted to one of the costliest relief efforts in U.S. history, and the undertaking soon won praise across the political spectrum for its size and speed.

The $4 trillion total of government grants and loans exceeded the cost of 18 years of war in Afghanistan.

“We’re going to win this battle in the very near future,” Senate Majority Leader Mitch McConnell (R-Ky.) said after the Senate approved the Cares Act, the largest of the four measures.

Six months later, however, the nation’s coronavirus battle is far from won, and if the prodigious relief spending was supposed to target the neediest and move the country beyond the pandemic, much of the money missed the mark.

President Donald Trump hands a pen to Senate Majority Leader Mitch McConnell (R-Ky.) after signing the Cares Act on March 27.
President Donald Trump hands a pen to Senate Majority Leader Mitch McConnell (R-Ky.) after signing the Cares Act on March 27.
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Protect the economy or the population? The coronavirus dilemma facing governments as protests escalate

Governments trying to contain the resurgence of the coronavirus pandemic are facing increased political opposition to the measures they think are necessary to control an alarming new wave, with the number of new infections nearing all-time-highs in many countries.



a chair sitting in front of a building: A closed terrace of a restaurant in Marseille, southern France.


© Getty Images
A closed terrace of a restaurant in Marseille, southern France.

– In France, one of Europe’s countries worst affected by the new spike, the local lockdowns decided by the government are criticized by local authorities. In Marseille, the newly-elected mayor indicated the local police wouldn’t slap fines on restaurants that remain open in violation of a recent government decree.

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– U.K. Prime Minister Boris Johnson is facing unrest within his own camp over his handling of the crisis. Steve Baker MP, a leading right-winger of the ruling Conservative Party, has asked for Parliament to have “prior approval” of “major measures (…) which take away people’s liberties.”

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Families of 9/11 first responders, survivors who died after contracting coronavirus gain ‘insurance’ from compensation fund

Beatrice Granberg spent part of her 79th birthday on Feb. 27 undergoing her first chemotherapy treatment. Just days earlier, she had been diagnosed with two types of lymphoma.

Family members knew something was wrong after the normally independent Staten Island mother – a proud “Nana” to 11 grandchildren and four great-grandchildren – was suddenly lethargic and could barely walk without help.

Beatrice Granberg, left, and her children: Lisa, George, Bridgette and Sharon (Photo courtesy of Lisa Vernosa)

Beatrice Granberg, left, and her children: Lisa, George, Bridgette and Sharon (Photo courtesy of Lisa Vernosa)

“My mother was so out of it,” Lisa Venosa, one of Granberg’s children, told Fox News. “Everybody was like, ‘Well, does she have a walker at home?’ Nothing. My mother drove a car … [she] was a very young 78 going to 79. My mother was not my mother.”

Granberg, the “matriarch” of the family, as Venosa said, worked for the New York Police Department in the 1970s before moving on to Standard

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Looming pain for tenants with freeze on rental evictions set to end as economic fallout of coronavirus continues

Tenants Queensland says the Federal Government must extend a moratorium on rental evictions to stop thousands of tenants in financially precarious situations from “falling off a cliff” amid the ongoing economic fallout of the coronavirus pandemic.

Earlier this year, the Government imposed a ban on landlords evicting tenants who had lost jobs or income due to the pandemic.

The freeze has applied to any tenants who has suffered an income loss of 25 per cent, and to those whose rent equates to more than 30 per cent of their income.

With the freeze on evictions due to end on September 30, advocacy groups and tenants are anxious for extensions to be granted until December 31.

Mum risks homelessness amid rent dispute

Joanne Harding-Smith rents a shopfront in Samford, north of Brisbane, where she runs a travel agency business.

Due to global coronavirus travel restrictions, Ms Harding-Smith lost 97.3 per cent

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CRUZ: Time to get past throwing money at pandemic, economy | Coronavirus / COVID-19

This summer, we face two simultaneous crises: a public health crisis caused by the coronavirus — a novel virus that has killed hundreds of thousands of people worldwide and more than 10,000 people in Texas — and an economic crisis that has resulted in millions of Americans losing their jobs.

That’s a lot to deal with. There’s not a person in this country who hasn’t been affected by what’s going on. While we’re slowly re-opening, which is good news, the reality is that we still have a long way to go in terms of recovery.

This is unprecedented in our lifetimes. You have to go back to the Great Depression to find a comparable economic catastrophe that has struck the American economy. We have millions of small businesses that have either gone out of business or are on the verge of bankruptcy. So the task going forward is enormous.

In

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Coronavirus Erodes Countries’ Economic Resilience; Global Insurance Gaps Widen

The COVID-19 pandemic is expected to reduce global macroeconomic resilience by about 20% in 2020 from 2019 levels as stimulus packages deplete countries’ fiscal and monetary buffers around the world.

At the same time, the combined global protection gap for key perils is reaching a new high.

According to the latest annual Swiss Re Institute resilience indices, the UK, Japan and the U.S. will experience the greatest falls in resilience among major economies. Switzerland, Finland and Canada remain the world’s three most resilient countries, reflecting their comprehensive economic strength against future crises.

Global economic resilience held up in 2019 compared with 2018, but the world entered the COVID-19 crisis with less shock-absorbing capacity than before the global financial crisis of 2008-09, the last major economic downturn. The Swiss Re Institute Macroeconomic Resilience Index (E-RI) for the world stood at 0.62 in 2019, against 0.61 in 2018.

Key findings:

  • COVID-19 is
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Euro zone economy not yet out of danger from coronavirus: ECB’s Panetta

BERLIN (Reuters) – The danger to the euro zone economy from the coronavirus pandemic is not yet over, European Central Bank board member Fabio Panetta told La Repubblica, adding that he saw no need to make any tweaks to the bank’s massive asset purchase programme.



a man wearing a suit and tie: Mario Draghi receives the Order of Merit of the Federal Republic of Germany in Berlin


© Reuters/ANNEGRET HILSE
Mario Draghi receives the Order of Merit of the Federal Republic of Germany in Berlin

Tackling the biggest economic collapse in living memory, the ECB is buying debt through a 1.35 trillion euro ($1.58 trillion) Pandemic Emergency Purchase Programme (PEPP) and paying banks to lend out its cash as it tries to protect the bloc’s economy from the coronavirus fallout.

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“It’s too soon to declare victory,” Panetta said in the interview circulated by the ECB on Monday, adding that the euro zone economy was likely to see a bigger contraction in the second quarter than in the first three months

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Coronavirus Economy: What We Know About The GOP Stimulus Package

$600 unemployment checks are about to stop. Congressional Republicans have put forward a stimulus plan. We’ll dig into the details.

Guests

Claudia Sahm, director of macroeconomic policy at the Washington Center for Equitable Growth. (@Claudia_Sahm)

Kenneth Rogoff, professor of economics and public policy at Harvard University. Co-author of “This Time Is Different.” (@krogoff)

Heather Caygle, Politico reporter covering Congress. (@heatherscope)

From The Reading List

Politico: “‘It’s a mess’: Republican senators deride key proposals in GOP virus package” — “he jockeying on Capitol Hill underscores how far apart both parties remain — and the treacherous path Senate Majority Leader Mitch McConnell faces as he confronts internal GOP divisions and kicks off negotiations with Democrats.”

Washington Post: “Coronavirus relief talks hit impasse on Capitol Hill” — “Negotiations on a new coronavirus relief bill hit an impasse on Capitol Hill on Wednesday,

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U.S. GDP likely sank a record 35% in the 2nd quarter after coronavirus ravaged the economy

ECONOMIC REPORT



a woman holding a sign: People walk by a closed business in the Brooklyn borough of New York City. The U.S. economy is expected to show a record decline in growth in the second quarter due to the coronavirus.


© Getty Images
People walk by a closed business in the Brooklyn borough of New York City. The U.S. economy is expected to show a record decline in growth in the second quarter due to the coronavirus.

The U.S. suffered the biggest economic decline in the second quarter since the government began keeping track after World War Two. How much? Try 30% — or more.

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Economists polled by MarketWatch estimate gross domestic product — the official scorecard for the U.S. economy — contracted by a record 34.6% annual pace from the start of April to the end of June.

Before the coronavirus pandemic, the largest drop in GDP on record was 10% in 1958. The government’s quarterly GDP figures go back to 1947.

The steepest quarterly drop during the 2007-2009 Great Recession was 8.4%.

Here is what to watch in the second-quarter GDP report when published

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