Payday lenders know this market and know that credit score is not the most important factor. Instead, the ability to repay the loan is most important. This means if you have a steady job for at least 3 months, preferably 6 months or more, and you have an open checking account, you are more likely to be approved than not.
A short term payday loan may also be called a payday advance, salary loan, payroll loan, small-dollar loan, short term loan, payday loan online, or cash advance loan. These loans are unsecured loans that can be given to anyone who has a regular source of income and an active bank account.
In today's financial landscape, credit scores significantly determine loan approval and interest rates. This is especially true for traditional lending sources. A credit score is a three-digit number representing an individual's creditworthiness and ability to repay debts. Unfortunately, not everyone has a stellar credit score. Many individuals need help due to a bad credit score, which can make it difficult to secure traditional loans.
Managing your medical expenses is an important thing to consider as healthcare costs are increasing steadily. A study suggests that 16% of Americans have a bad credit score. With a poor credit score, it can be challenging to get a medical loan to cover expenses. However, there are specific alternatives that can help you get medical loans even with a poor credit score.
APY is defined as the Annual Percentage Yield. This is the rate your money earns interest by leaving it in an account. This is the annual rate of return on your investment. The higher the APY the better. Why? Because the higher the APY, the more interest your money makes, and this means more money in your pocket.
When you find yourself in a tough financial spot, you might feel like you have run out of options. Millions of Americans experience this form of financial desperation every year, even more so in the current COVID times.
If you have a credit card or any other line of credit, then there is a limit attached to that card or credit line. Many people wonder if they should increase their credit limits or reduce them. Your credit limits are a key part of your overall credit score, so it is wise to know how they affect it.
Saving money is a habit that anyone can adopt. Even if it is just $25 a month, the amount will eventually add up. With increased earnings, you can gradually increase the amount you save. Sticking to your budget and cutting down on unnecessary expenses will help grow your monthly savings.
Make sure to set aside some savings for an emergency fund that can be used anytime there is a cash emergency or unexpected expense.
The number one complaint about payday loans is their high cost. Many times, the APR of the loan is highlighted. But this is the wrong way to look at these truly short term loans. They are fee-based loans, and the fees can be high. Why? Because the lender's risk is remarkably high, and those seeking these loans have poor credit, to begin with.
