Sponsored - The following content is created on behalf of iLending Direct and does not reflect the opinions of Gray Media or its editorial staff. To learn more about iLending Direct, visit https://ilendingcarloanrefinancing.com/.
iLending just opened its latest location in Columbia, SC and celebrated its grand opening by donating 250 backpacks with food to Harvest Hope Food Bank locally to support food insecure students in our area. iLending is an car refinance firm now hiring qualified loan consultants at its new location (1001 Pinnacle Point Drive). This is a rapidly growing FinTech excited to be in South Carolina.
One thing the company helps clients with is dealing with the stress of financial challenges by saving a consumer an average of $144/month on their car loans. Here is more information on the impact of stress and how iLending can help you and your family.
What is Financial Stress, and how does it affect me?
Stress – the anxiety of going to work, running late for a meeting, joining colleagues for lunch. The pressure built from a disagreement with a sibling, a long line to enter a store, a task that is now overdue. The tightness in your chest because of running a stop sign, rushing the kids to school, waiting to present in front of your colleagues.
According to the National Institute of Mental Health, “Stress is how the brain and body respond to any demand. Any type of challenge—such as performance at work or school, a significant life change, or a traumatic event—can be stressful” (Health, n.d.). Experts go on to emphasize everyone experiences stress from time to time, although the way people cope with stress divides the majority. While not all stress is considered “bad,” such as signals during instances of danger, or non-life-threatening situations encouraging motivation, a Yale University study suggests nearly 50% of people endure stress leaving them unable to sleep at night (Yale, 2018). Stress not only impacts an individual’s mental health (poor sleep, anxiety, panic, isolation), but physical health in more ways than not (increased blood pressure and heart rate, declined immune system functions, alterations in mood, reduced memory, weight gain/loss.) Individuals with financial stress are twice as likely to report poor health overall and four times more likely to complain of ailments.
Among the variety of situations that encourage stress, studies conclude the number one cause of stress is related to one’s personal finances. A Podcast with Dr. Linda Gallo of The American Psychological Association details 72% of Americans reported stress related to money a minimum of three times within the past month, disproportionally for the middle and working class/es. “[…] there are a number of factors that contribute to higher levels of stress in people with lower incomes. First, as we know from the Stress in America survey, financial stress is a very common cause of stress overall and it’s more likely to occur if people have lower incomes. But people with lower incomes may also experience exposure to stress across many other domains in their lives. They may work in jobs that are stressful because they are demanding […]” Individuals who reported major financial stressors experienced greater levels of psychological distress and lower levels of psychological well-being – “the social context of stress exposure is a key determinant of stress responses. Whereas those individuals who view themselves at a relatively higher position within their community tend to show decreased levels of inflammation and report better overall psychological health.”
Get Organized – Simple yet effective. There is no need to hire a professional when it comes to financial organization, but rather an internal system that is well understood so you have the ability to make an immediate decision in any circumstance without jeopardizing your financial well-being.
Pay Bills As They Come – Studies suggest paying bills as they come throughout the month allows for less stress and time: removing mass amounts of money to pay for bills at once is emotionally draining. Performing these tasks in smaller doses is “far less daunting.”
Spend Sensibly – Purchasing cold brew coffee provides instant gratification but keeping in mind whether you can afford that coffee is essential. Breaking down major sources of income drainage provides insight on how to end self-financial sabotage. Keep in mind the key phrase, “everything in moderation.”
Working Towards A Goal – Setting an attainable goal will provide happiness without the subconscious fear and anxiety of freely spending without a goal. Improve your financial literacy. Create a budget. Save for retirement and other long-term plans. Save for short-term and mid-term plans. Having goals allows one to have something to work towards.
Debt Consolidation – Working towards a goal will assist with your financial stress, allowing you additional disposable income while simultaneously allowing you will learn how to properly maintain your finances. Whether you reduce your credit card debt or an expensive car loan with a high APR, unearthing methods to consolidate debt is one step towards a physically and mentally healthier life.
What steps can I consider now?
Refinancing Your Car Loan with iLending.
A major source of stress revolves around the cost of owning a car. Data shows that approximately one out of every four car loans is overpriced, leading to high payments often with excessive interest rates.
iLending saves clients an average of $144/month on car payments and often can include added protections as part of the process. Both of which can reduce stress and minimize future anxiety. They expect to save consumers more than $50 million in car payments this year alone, by offering a quick and easy process to refinance and save, delivering peace of mind and relief for clients.
iLending is a nationwide team of professionals whose focus is not on a transaction but on understanding each client situation deeply. They provide a dedicated Loan Consultant who takes the time to understand each unique situation and offers respectful and customized service at every step.
To begin a Refinance application, which is free and will not impact your credit score visit ilendingdirect.com and use the calculator to see how much you can save.