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Good credit is important, for anything you need to buy; especially a
house. Did you know that there is a no credit loan that anyone can be
granted? This is a short term loan called a payday loan. It seems
that these days you need credit for everything; homeowners insurance,
getting any type of loan or credit card, and even securing a job. Credit
scores are used to determine how much of a loan you can receive or if
you can receive any loan at all. Also, your credit score is used to
determine the rate of interest that will be applied to the loan. The
better your credit score, the lower your interest rate.
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www.MobileLoans.com address There are three score reporting companies; Equifax, Experian and
Trans Union. However, the most important credit score is the FICO (Fair
Isaac Company). The FICO developed the mathematical equation for
determining your credit score. That score can range anywhere from 300 to
950. The higher the number, the better your credit is and the lower the
consumers loan default risk. Banks, credit unions and lenders
altogether run your score to see how much of a credit risk you are.
This, of course, makes it tough for those of us who are looking to
borrow money but don't have a very good credit score. For a payday loan
you need not worry about these scores. A payday loan is a no hassle, no
credit short term loan that carries a high interest rate. Comparatively
to the national credit percentage, however, the borrower does end up
paying more in the long run because the duration of this type loan is
short. Your FICO score will have no bearing on the payday loan you apply
for. There are actually very few requirements necessary in order
to get a payday loan or cash advance. The borrower needs to be eighteen
years of age, be employed with proof of income via a bank statement and
not have a considerable amount of other payday loans out. There will be
no credit check. In fact, if the borrower keeps up with the repayment
dates, their credit score may actually improve. FICO scores are
important, but did you also know that the score that the consumer sees
when they order their credit report is actually different than the
credit score that the lender views. This can harm the consumer is many
ways because the consumer will waste time in applying for a loan that he
cannot get due to his/her credit score. Also, the lender will charge
them a higher interest rate than they were expecting and the borrower
will accept it.
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