Installment Loans for Abortion: What They Are and How They Work

Is a credit check required for a loan that is paid back in installments?

Before granting you credit or money, every trustworthy lender will look into your credit history. This is standard procedure. However, many lenders are able to establish a borrower’s eligibility, pre-approval, or pre-qualification prior to running a credit check and prior to the borrower making a final choice on whether or not to apply for the loan.

GreenDay Installment Loans in Oklahoma refer to both commercial and personal loans that are extended to borrowers and that require regular payments. Each of the regular payments for the loan includes a portion of the principal amount, as well as a portion of the interest on the debt.

GreenDay Online Installment Loans in Oregon are types of loans where a consumer borrows a set amount of money at one time. This loan is repaid in monthly installments and the monthly installments are usually a fixed amount over that time period. These types of loans are beneficial because the APR and interest rate are fixed over that repayment period as opposed to revolving debt like credit cards that can change over time.

Pennsylvania Installment Loans at GreenDay offer repayment period options based on the size of the loan that can fit your lifestyle the best. This helps you budget for your payment each month to avoid missing payments due to monthly interest changes like revolving debit. A few types of installment loans are mortgages, auto loans, & personal loans.

When a borrower is curious about a credit check, the most common thing that they are interested in is whether or not a hard credit query (also known as a “pull”) is performed on their credit report, or whether or not a soft credit inquiry or pull is conducted. Hard credit pulls show up on consumer credit reports and may have an effect on your credit score, but soft credit pulls do not show up on consumer credit reports. After you have finished the application process, the lender will conduct a hard credit pull to determine whether or not to grant you final approval. Soft credit pulls are what lenders use to make decisions regarding pre-approval, but hard credit pulls are used to determine whether or not to grant final approval.

As more states continue to adopt strict laws regarding abortion, Americans are facing greater obstacles in having access to abortion services.

But, one of the most significant obstacles that pregnant women are frequently confronted with is the cost associated with getting an abortion.

A woman’s abortion could cost anything from $0 to 1,000 dollars, and it’s more than only the medical expenses sufferers face, as per a study by the Guttmacher Institute, a research organization that studies the health of sexuality and reproduction.

People seeking abortions may incur out-of-pocket expenses for travel outside of town, or in some instances even out of state, and also accommodation, food, gas as well as coordination of child care, and accessing medications.

In the present, with that, the Supreme Court potentially set to either overturn or seriously undermine Roe in v. Wade, attention is turning to funds for abortion that can be used to organize and pay for abortion treatment and other expenses associated with the procedure.

What exactly is an abortive fund?

The abortion fund can be described as a charitable organization that provides direct funds for those who are seeking an abortion but may not be able to afford the procedure.

Certain funds fully or in part pay for the expenses that are directly related to the process, like medications for abortions, which account for up to over half of total abortions performed in the U.S. Also, for the procedure in-office.

“We also provide what we call practical support,” Chasity Wilson who is the director-executive of the New Orleans Abortion Fund, which assists in providing funds for those living throughout and around the Gulf South, told ABC News.

These include costs associated with the procedure including travel to or from clinics for abortions and gas, translation services as well as lodging and child care — as well as emotional help.

Additionally to the local funding exist 92 abortive funds -at the time of writing in October 2021 that are part of the National Network of Abortion Funds which connects groups across the nation.

When shopping for an installment loan, compare APRs across multiple lenders to make sure that youre getting a competitive rate. Also, look for lenders that keep fees to a minimum and offer repayment terms that fit your needs.

Loan details presented here are current as of the publish date, but you should check the lenders websites for more current information. The installment loan lenders listed here are selected based on factors such as APR, loan amounts, fees and credit requirements.

Fix-and-flip loans

Fix-and-flip loans, as their name implies, are generally short-term loans intended for house flippers. These are hard-money loans with interest rates typically in the range of 12 to 18 percent, plus two to five points. If you come across a property you would like to fix up and sell in the next 12 to 18 months, a fix-and-flip loan might be worth a look.

The amount of each scheduled payment is determined by several factors, such as the amount borrowed, interest on the loan, the terms of the loan, etc. Many installment loans come with fixed payments, which means that the amount that the borrower pays to finance the loan does not change over the duration of the loan.

Examples of installment loans include mortgage loans and auto loans. Apart from mortgage loans, which are variable-rate loans, most installment loans are fixed-rate loans. They are charged an interest rate that is unchanged for the term of the loan from the time of borrowing. Fixed-rate loans require borrowers to pay the same scheduled payments, allowing them to prepare in advance to make future repayments towards the loan.

What is their purpose?

Certain funds, like the NOAF, let women make a direct call to request assistance with the cost of an abortion.

“The patient reaches out by calling our hotlines,” Wilson explained. “Sometimes we also participate in solidarity funds when another fund that provides these services may reach out and say, ‘Hey, we have a person whose procedures cost $1,300 so we can spend $500, how much can you help?'”

Other funds, for instance, those of Women’s Reproductive Rights Assistance Project which is a non-profit that provides funds for those who need abortion services or emergency contraception contact directly with clinics and other providers.

“We have a network of over 700 clinics, doctors, and hospitals that are networked with our fund that contact us on a daily basis to let us know that they have a patent in need of an abortion and that patient needs funding,” Sylvia Ghazarian, executive director of WRRAP for the past three years, told ABC News. “When a clinic calls us, we return the call and make a pledge commitment to that clinic.”

Ghazarian explained that the fund will be notified of the invoice from the clinic and pay the expense within a week.

Installment loans are popular for debt consolidation due to the fact that they tend to offer lower interest rates than credit cards. For example, if you have multiple lines of credit card debt at an 18 percent APR, you can save money by transferring that debt to an installment loan at a 9 percent APR. That way, you pay less in interest and can focus on paying one fixed bill instead of several.

These loans, which include personal loans, typically come with the benefit of fixed interest rates and fixed monthly payments, so you always know how much you owe each month and when your final payment will be due. Say you were to borrow $30,000 with a 10.99 percent APR and a 60-month repayment timeline. You would pay $652.12 a month for five years.

The WRRAP’s data from 2021 revealed that 73 percent of patients were from communities of color, and 76% of them received public aid. Furthermore, The NOAF’s Report for 2021 discovered that 70% of the patients included Black or African American and about two-thirds were on Medicaid.

“A lot of these populations have traditionally less access to health care, but by no means does this mean these are the populations that receive abortions most frequently,” Wilson declared.

Peer-to-peer lending

Peer-to-peer lending has become popular in recent years with several lending platforms popping up online. This is a way for investors to connect with borrowers who need financing for various purposes, and investors like them as a form of alternative investment. Fees and interest rates are generally low, depending on creditworthiness.

Who is able to access them?

Certain abortion funds do not have conditions. Ghazarian claimed that WRRAP assists in funding abortions throughout the U.S.

Other funds support certain groups of women based on the place they live, their ethnic/racial makeup, or how long they are in their pregnancy.

If you default on an installment loan, your credit score will take a hit. When your credit score tumbles, lenders see you as being riskier. In turn, you might not qualify for the most favorable rates and terms on future loans if you can even qualify for another loan. If you happen to secure your installment loan with something of value, the lender may have the ability to seize the collateral you provided.

For instance, The Midwest Access Coalition aids in the payment of expenses for those seeking abortions within the Midwest as well as the Northwest Abortion Access Fund does exactly the same thing for people who live in Alaska, Idaho, Oregon, and Washington.

Additionally, there is the Indigenous Women’s Fund provides support for Native or Indigenous Americans seeking to end their pregnancies.

Others, such as Brigid Alliance, assist in funding those who travel for long distances to get late-term abortions.

How do funds for an abortion receive their money?

Most abortion funds receive funding from individual donations. Since the release in the form of the proposed opinion first revealed in Politico There was a dramatic rise in the amount of money donated to abortion foundations across the United States.

The National Network of Abortion Funds said on ” Good Morning America” that it was able to receive more than $1.5 million of donations in the three days of the leak’s announcement.

Ghazarian told the AP that revelations of the leaked draft have confused a lot of patients. She told her she talked to an abortion facility earlier that week, and received requests from patients requesting to know whether their appointments for abortions are still scheduled.

Due to this, a different aspect of WRRAP’s work involves community outreach to let people be aware of what the laws regarding abortion are in the region of the nation they reside.

“We’re trying to generate information out there not just to clinics but to communities, so that individuals know we’re still here and we will still support them no matter what,” Ghazarian added.

Other creative financing options

If all else fails, sometimes you have to get creative. Fortunately, there are several other available options to finance your investment property.

Life insurance policies

Life insurance may be considered a liquid asset (depending on the type), which is preferable for lenders. In particular, a permanent life insurance policy gives you easy access to cash. You can borrow against that money when purchasing a new home. This makes you more attractive to lenders and could make it easier to secure financing.

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