Monthly Archive November 2019

ByTodayLoan

Bad Credit Cash Advance Loan

Get a bad credit cash advance loan up to $5000. Money delivered to you when you need it. No more hassle of running around town and filling out application. We have a network of professional lenders that are standing by to accept your application. If you need a poor credit loan, then let us do the heavy lifting and try to get you approved.

No obligation quotes. If you receive a cash advance quote that you do not want to accept, just decline it. No hard feelings. Life can be unpredictable and you need a flexible cash loan option to help you when things get tough. We have helped over a million Americans get approved for short term loans, even with poor credit.

What is a credit score?

Sorry, your loan application was not approved; please contact customer care or visit the nearest office for further instructions. This is the message you get when you have applied for a loan from a financial institution. Well, here is where the credit score comes in. For you to access loans or credit, a report is needed.

It’s generated from your accounts to show how you manage your money. The report is then used to calculate the probability of you paying back the loan.
This explains why you are asked to provide financial records before a loan is approved. The banks and lending apps will pull your financial statements first before being allowed to proceed with your application.

Credit profile

The moment you get your first credit card, a profile is created. This will be a road map towards accessing new credit cards or loans. The profile is then used to classify your score.
The profile is sent to the credit bureaus, which analysis your account transactions to determine your creditworthiness. Some people have these profiles but are not aware since they are registered under a guardian or a parent name. Others wait until the age of 18 years to be given a credit card.

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Determining your credit score goes deeper than weighing your credit history. The process involves weighing and comparing your information to other borrowers.
The credit performance of an individual plays an integral part in determining the payment pattern as well.

Credit mix

It refers to the types of accounts that make up your credit score. It also determines 10 percent of your score. This includes mortgages, automobile loans, student loans, and credit cards. The records from each of the accounts are analyzed to calculate your payments history. The evaluation includes how fast you pay your loan, and the duration taken.

Do not apply for a loan to increase your credit score, but rather apply when a need arises. The credit bureau uses this information to tell if you are an aggressive borrower or not. If regarded as an aggressive borrower, then it’s a red flag for you.

It shows that you are incredibly dependent on loans to satisfy your needs and wants. And it’s predicted that at a particular point, you will default. This is a loss to the organization. Therefore they will come after you and auction your property to recover their finances. This is something I wouldn’t want you to pass through.

Credit rating

It is the process of evaluating the creditworthiness of an individual, firm, or Government. When either of the parties decides to apply for a loan, they have to show their credit rating. This helps the lenders to tell how fast loan can be paid and the duration to be taken

The individual credit score is processed by credit bureaus such as TransUnion and Experian on a three-digit score. The score represents your credit rating and credit history. It ranges from 300, which is the lowest to 850, which is the best record that one can have. The cluster is broken down to

Excellent : 800 – 850
Very good : 740 – 799
Good : 670 – 739
Fair : 580 – 669
Poor : 300 – 579

The governments and companies have their evaluation done by Fitch, Moody’s, and Standard & Poor. The agencies are in charge of determining their credit rating before being approved to continue with the process. The parties are to take care of the cost implications the agencies will incur during their evaluation.

What is a Cash Advance

It is an important task that should be undertaken with a keen eye. This is because it determines the interest rate at which the loan applied for will be repaid at.
Factors that affect credit score

Various variables will affect your credit score. Therefore I recommend that you look into the following aspects.

Payment history

It determines 35 percent of your score. How fast you pay your loan impacts your score. This does not mean if you delay paying once in a while, it will affect your score. The problem starts when it becomes a habit.

It is essential that you pay the loan in time to avoid adopting this trait. Most creditors are hoping that you default and then they add interest rates. This will benefit their firms, and on the other hand, you end up paying double the amount borrowed. To be on the safe side of the score, ensure the payments are made on time.

Credit history

With age comes wisdom and experience; this applies to the credit card as well. The lenders prefer an older account compared to a new one. This is because it shows you have a lot of experience and wise when it comes to handling debt.

Closing and opening new accounts affects the score, and this is something you would like to avoid. Age of the credit contributes 15 percent on the score as well and improves your chances of getting a loan. I would recommend that you stick to the old accounts instead of opening a new one.

Level of debt

It has a 30 percent ration in the score as well. It’s the total amount of credit you have on your head and yet to clear. Your credit limit and balance have to be in check to ensure that you maintain your perfect score.

Having a lot of debt will affect the score, and you will be branded an aggressive borrower. The tag is a red flag to any creditor. Hence they will not approve your loan request since you’re likely to default. Your income will not have a positive impact on the loan request at this point.

Types of credit

There are three types of credit accounts that you can have. These include revolving, installments, and open accounts. Having them in your profile will boost the score by 10 percent. This is because it shows you have experience in managing various debts.

It is also an advantage to have various loans such as mortgage or car, student, personal loans, or even a bad credit cash advance.

New credit

Applying for a new loan is normal in life today. A red flag is raised when there is a sudden spike in the requests. When credit bureaus notice this behavior in you, they will always turn down your request.

For example, if you apply for a loan in three months consecutively, it will paint a bad picture and even reduce your score.

I would recommend that you apply for these funds when there is an urgent need. And if it’s a must you seek for new credit, make sure you take time before requesting for another one. The duration should be between three to six months.

Unemployment

At some point in life, we are rendered unemployed and have to find ways to survive. Though there are unemployment benefits we enjoy during this phase, it is not enough. You will have to head out and look for other ways to make ends meet.

The good thing about this phase is that the credit bureau doesn’t know you are unemployed. But they will notice the reduction in your income, which will affect your score. I would recommend finding other avenues of income to maintain the rating.

Private or Government liens

A lien refers to a claim that is placed on a property or something until the loan is paid. A good example is a car loan. The institution has a right to prevent you from selling the car until the loan has been cleared. This kind of agreement harms your score. It will only increase once the debt has been paid.

Ignoring potential inaccuracies

It is crucial that you always check your credit reports and fix the error as soon as possible. Not evaluating your statements will cost you a bit of cash as well as decrease in your score.
The credit reporting agencies also make mistakes. It is up to you to check if your records are clean and error free. I would suggest that you do the checks annually to be on the safe side.

Maxed out credit cards

The number of credit cards you have does not show how good you are at handling the debts. Instead, it portrays you as an overspender who is unable to clear their loans. It is advisable you maintain a minimum amount of credit cards. If you can do with a maximum of three or less, it will go a long way in improving your score. A poor credit cash advance may be an option for some borrowers using their credit card.

Bankruptcy

This the most damaging compared to other factors. If you have reached this point, it will be hard to climb out of it. It does not only affect your score but goes into your permanent record for a period of 7 to 10 years.

It is something that you should try to avoid. If it is unavoidable, opt for a debt settlement plan as it will help to maintain the score.

ByTodayLoan

What You Should Look for in a Cash Advance Service

Quick signups

Chances are, you don’t have time to sit around and wait for an application to clear when you need a cash advance. Look for a provider that gets you your money fast. See LoanTodayUSA signup forms here.

Instant deposits

You also may not have time to run to the bank to deposit cash. Look for a cash advance service that deposits your money directly into your checking account.

Low APR

High interest rates can seriously affect your ability to pay back your cash advance. Save money by looking for a provider that offers a reasonable APR. Do the math and figure out how much you’ll end up paying after two weeks on the amount of money you need.

Some cash advance services even offer 0% APRs, like LoanTodayUSA Instacash advances, so don’t be afraid to shop around before you choose a cash advance service.

Low fees

Just like your APR, advance fees can make your loan much costlier. Ask your advance provider about fees and look for a provider who only charges a small fee — or better yet, no fee at all.

No impact on your credit

One of the benefits of a cash advance is that it won’t impact your credit if you pay it back on time. Avoid banks that require a hard check on your credit. Every time a company pulls your credit report, your score lowers — so protect yourself by choosing a bank that doesn’t mess with your credit score.

 

LoanTodayUSA has all of these above noted so that you can borrow cash advances quick, safely and with minimal fees. We also have many more benefits like our apps in both the Google play store and Apple play store.