There are many situations that can put someone or a family in a tough money spot. And most people cannot use traditional sources like bank loans for these situations even if they could qualify. Traditional loans require good credit and take weeks or more to process. No help in a tough money crunch when you need help now!
Your car overheated and it looked like a simple repair. Probably just a hose that broke and needs replacing. But then you find out that your radiator is shot and must be replaced to safely drive your car. Radiators are expensive and the labor and parts to change one out are just that much more.
No one wants to have a collection account appearing on their credit reports as we all know it is a big hit to our credit score. And, credit bureaus can report a collection for up to 7.5 years.