Internet Loans For Millennials: Exciting Opportunity or Waste of Money?

For all you millennials, we get it. The rising cost of tuition. The increased prices on housing. Loan sharks taking more interest percentage points than you can count on your fingers. If you’re still a few years removed from your glorious college days, maybe all that time spent partying or “finding yourself” really added up. If you’re still paying student loans or are trying to get somewhere nice to live, you may have considered an online loan. But could this all be solved. How? Internet loans for millennials.

But before you start diving into these internet loans, here’s some information so you don’t end up in too deep.

In Debt

student loan debt
Source: Pixabay

Studies have shown that millennials have a higher rate of debt, and the levels of debt are increasing. Lower employment and smaller incomes have plagued the millennial as well, as they have less to spend. Most of them (18–31 years of age) even continue to live with their parents (23% as of 2012, compared to a high of 56% in the late 60’s). These things, including housing, make it less appealing to live on their own. This is especially true in cities such as New York, Vancouver, and Los Angeles, where property values have skyrocketed.

Internet Loans for Millennials – Pros

Student with Credit Card
Source: Pixabay

Sometimes, a person’s gotta do what a person’s gotta do. You need that house. And you also need that car. Of course, you have to finish college if you ever want to escape a life of flipping burgers or misspelling people’s names on coffee cups (Hi, Cark). Many people don’t trust the big lenders that they hear about on billboards and TV commercials. They get a bad rep because of the many problems that they come with, which will be talked about later in the article. But when you have to buy into these expensive things, you often don’t have a choice. Think of it as an investment. College generally leads to getting a better job, and the money spent on a loan could be well worth the future money rolling in.

Internet Loans for Millennials – Cons

Loan sharks
Source: Flickr

It’s not all sunshine and rainbows in the world of loans. Interest rates are always a concern, and in many cases, people who use internet loans could wind up in an insurmountable amount of debt. People who use loans have to be extremely careful with their money, and if you put a hidden microphone in any college campus, you can hear many students complaining about the looming debt that the are facing. These are millennials who have lived their entire life with rising costs of living. They also have to live with unbelievable tuition costs. The problem is, a college degree is essentially mandatory to get a job that pays enough to support a family. So if you put that microphone down in the library or cafeteria, expect to hear a lot of griping.