Feeling deadlocked as your poor credit history brings forth serious obstacles to get a loan? Cheer up! You are not alone. Many people in the US are in the same boat as you. On the grounds of the financial crisis, more and more people are searching for additional funds. We understand that your bad credit history is not necessarily connected with your irresponsibility. The reasons behind your delays and skips in your previous repayment history that affect your credit score may be endless.
What Is a Credit Score?
A credit score is a digital outlook of your creditworthiness. It usually ranges from 350–850. The number sub-650 is considered a poor score. The lower the number the lower your chances of getting cash from banks and credit unions are.
The data on the credit scores are analyzed according to the FICO (Fair Isaac Corporation) scoring model. FICO is an analytics company headquartered in San Jose, California that is mainly targeted at conducting credit scoring services. In other words, having a bad credit score may mean that you are a high-risk borrower, and consequently, your chances of taking a loan are also limited.
How to Check a Credit Score?
You can always check your credit score for fee or free. There are credit reporting companies (Equifax, Experian, and TransUnion) in the US that can give you a copy of your credit reports once a year. No need to adhere to the organizations that charge additional fees when you can do it for free.
How to Improve Your Credit Rating?
If there is some negative information in your credit report, it takes time to repair it. Various offers and ads of the companies trumpeting that they can fix your credit score is already a signal of scamming. Nevertheless, some errors in your credit report can be fixed. (Read further here)
Where to Turn with a Bad Credit Score?
Your credit score is not a verdict to get refused for your loan request. If the traditional lenders conduct hard pulls, there are still online lenders that make the required funds available due to soft checks. At Shinyloans the lenders set different standards to assess your creditworthiness. Thus, instead of reviewing your repayment records, our lenders take into consideration your incomes — salary, social or spouse payments, etc.
Bad Credit Loans. Rundown
These are short-term cash advances aimed at giving financial assistance to those US residents who have a bad or weak score. There might also be people, who don’t have a credit score at all.
The money may be used to cover emergency expenses, to foot the surprise bills, to do some repairs, to fix the car, etc. In fact, the funds may be spent on everything, as the lenders don’t keep track of the spending. These funds being versatile in nature are provided in small funds ranging from $100 up to $2500. Quick financial tools are provided for short repayment terms.
Top Benefits of the Cash Advances for Bad Credit Holders
These payday loans for bad credit holders may be valuable tools that can help you to get through many financial troubles. First of all, these borrowings are handy. When nothing else works, you can still rely on them.
Online customer-friendly request processes may be a great assist for busy people allowing them to save a lot of time. It is also worthwhile to mention that support at Shinyloans is available round the clock.
The short repayment terms free you from longer debt commitments. There are no monthly installments. Once you get your salary, you pay it back and live a stress-free life.
If the borrower fails to make a due payment, it may result in paying additional charges that are agreed with the lender beforehand. Along with the benefits, these cash advances come along with a few flaws as higher interest rates. So, before signing an agreement, make sure to read the clause of the agreement and understand the potential consequences.