With all the talk of the economy, it makes you wonder what really happened. Ultimately, it was everyone’s fault; the banks and the consumer. The banks offered products they knew they shouldn’t have, and the consumer took loans they knew they couldn’t really afford. So now, in the fray of what’s happening there is danger lurking with too many low credit scores. Some may now have scores so low, that there isn’t anything the banks can do for them; this includes getting an FHA loan.
A low credit score poses a real problem. Why? Because virtually anything you do is based on your credit. Buying a home, buying a car, and even getting your car insurance will really be hard when you have a low credit score. So, known what makes it low will help you understand what life changes you may need to make, and what things you can do going forward to prevent this from happening again.
If you are paying your bills on time that is great, but you may have too many of them. Continuing to open new accounts will drive your score down, making it nearly impossible for you to balance out your debt to income ratio. You also need to keep in mind that the more of your credit you use, the more your payments will go up with your revolving accounts. With a mortgage and a car loan things work a little differently, as they are a fixed interest loan. A fixed interest loan means that you will have the same rate and same payments for the life of your loan. Revolving debt pertains to credit cards, or lines of credit on the home. The rates adjust with the prime rate and any additional add-ons the bank has, thus driving up your payment. Once you exceed 40% of your available credit on any account, this will give you a low credit score. It shows the lender or bank that you are not able to manage your credit or that you are planning to use more credit, so beware.
Paying your bills on time is great, but remember cash is king! Don’t borrow anymore than you need to no matter what the case may be. Always try to go the way of paying cash, for the exception of your home mortgage. Pay cash for cars if you can’t, but if you can’t this is a new trade line or account that you can use to help build your credit up. Building your credit up and sticking to your guns on cash will keep you away from a low credit score.
At this time in your life you may be feeling a bit down because you have no money in your pocket due to some unexpected monthly expenses. This is not a fun time, in fact it is downright frightening when don’t have any cash left until your next paycheck. Can you wait that long, or do you need quick cash right now?
Most people who find themselves without any cash are going to need something to get through the month. You may have unexpected bills due that have to be paid, so then you have to make a very unpleasant decision. Do you pay this bill and go without eating, or not pay the bill and occur additional fees? These are tough choices that nobody wants to be faced with.
You may be surprised to learn that there are options available to you, especially if you have a job and a checking account. These are quick cash loans that are issued through payday lenders who use your job as collateral. When you get paid is usually when the loan is due. This way you can get quick cash now, then on your next paycheck or whenever the agreement states the money is due, it will be taken out of your checking account.
If you are looking for quick cash loans the simple way to do it is to go online and look up payday lender. What’s great about these types of loans is that they don’t check your credit and you can apply for them from the comfort of your own home. There are local shops that offer payday loans to if you need the cash that same day.
Depending on what state you live in will largely determine how much money you qualify for, and what fees can be charged by the lender. Since this is a short-term loan that carries more risk to the lender, expect to pay higher fees. There is cap though on how much the payday lender can charge, but this depends on the state you live in.
Filling out an online application is easy enough, and if approved expect the money to get deposited into your checking account within one business day. In some cases you may even be able to collect the money that same day, but more than likely it will at least one business day.
Make sure when filling out the application everything is correct, otherwise, you may not get approved or it could just delay the process. Have your checking account information available plus the day you get paid. They will want to see proof of income to know that you make enough money to pay back the loan. The minimum amount of money you make and qualify for a loan is determined by the states guidelines.
Once you complete the application process it usually takes a few minutes for them to verify all of your information, then they will either approve you or not. Hopefully, you are approved, and if so expect the money to get deposited into your account the next business day.
As you can see from above, quick cash loans are simple to get and will help you during the short-term. Never use these types of loans as a long-term financial option because that is not what they are meant for. Follow all the guidelines and of course, be sure to pay the money back on time!