The term credit history check features a lot in virtually all loan applications, not just short term loans. It is a rule that is enforced throughout all banking and lending institutions to safeguard them against bad behavior among borrowers. Institutions like FICO are entrusted with the role of checking the creditworthiness of a loan applicant. If you are applying for a payday pug for instance, you have to satisfy lenders that you have paid all your loans in full without defaulting.
Those borrowers who engage in malpractices are blacklisted. This means that you are not creditworthiness and as such, anyone entrusting you with their cash will be flouting banking code of ethics. They will also be doing so at their own financial risk.
Low credit scores impact negatively on clients. It means that they have no access to funds when they need it most. If you need a payday pug to meet some emergencies, you might be forced to borrow from family or friends. You may also be lucky to find an understanding lender who will facilitate the loan despite your negative credit score. We believe that such a bad credit record can be turned into a positive one if there is good advice to the borrower as regards their borrowing and spending behaviors. Some people borrow more than they need; others borrow to engage in unnecessary fancy.
Some typical problems relating to bad credit history are as follows:
Default
If you borrow a payday pug and are unable to pay as scheduled, we say that you have defaulted. Defaulting means that you fail to make installments for the payday loan as agreed in a contract. This is a serious offense that could land you in problems with credit bureaus. Once your lender reports you to such credit rating companies like FICO, your record is entered in the defaulters' list and shared among the lenders. When you go to seek a payday pug from a lender, the first thing they ask for is a credit report. If it is negative, it would mean that you will not qualify for the loan that you are seeking.
Double loan application
Some loan applicants apply for a loan before they have cleared their previous loan. The purpose of the second loan is to be able to repay the first loan. This is a bad practice which is not entertained in the financial circles. If you are found guilty of this offense, you will be entered in the blacklist, making it difficult for you to access a loan facility in future.
Low credit rating
This may reach a point where your points are so low as to merit a loan application. Credit rating organizations base their credit rating on the number of overdue debts in say, the last 60 days.
A pattern will be observed for a number of years to get an average rating. With such a negative rating, you will be considered creditworthy for purposes of getting short term loans.
Can the negative credit score be corrected?
All hope is not lost. If you have been struggling with bad credit history, there are a number of things that can be done.
Get some good financial advice
There are many lenders online who have the skills and expertise to help you deal with bad credit history. They will help you correct the bad lending habits that you have such as:
? Borrowing more than you can pay
? Borrowing for non-essential items
? Double borrowing
Our financial experts will readily offer free advice to you so that you can chart a new course in borrowing.
No credit check payday loan
Once we have ascertained your credit rating, we will avail to you the paydaypug that you applied for you regardless of the score. The next thing would be to help you manage the loan so that you are able to manage monthly payments.
One way to do this is to lend you a little loan with flexible terms. Once you clear, we avail another payday pug until the score rating goes up.
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