It sounds logical but it's not. Determining credit worthiness comes from a consumer having a lot of "open to buy" (unused credit limits). In other words, the more a person can spend but chooses not to, makes them a better credit risk. There are some who say that utilizing less than 30% of your credit available is what will keep you score high, but the reality is that keeping your utilization as low is possible is always the most ideal for you score. In fact, it is always best to keep your credit card balances at $0. Installment loans are different. Payday loan lenders typically do not report to credit bureaus so a borrower doesn't need to worry about their balance affecting their score.
Once the lender has registered your name, you will get a code number as your identity for the loan. Then, all you need to do is to send a text message from your mobile phone to the lender and the loan amount will be in your bank account in few minutes. There is no need to file a new application to borrow the cash for urgency.
Funds availed through this loan will be deposited directly into your account. Hence, you are free from your financial problems with in a quick time. You can spend the cash to meet various petite needs such as car repair, medical bills, rental payment or kid's educational needs. And same day you will access cash at your end.
You might need to give post-dated cheque to your lender as a security so that when your salary cheque comes lender can take his money back with interest rate. However, this instant approval loan is free from tedious procedure that is credit check and long paperwork. So, if you are suffering from the bad credit rating then also apply for it. Additionally, bankruptcy and foreclosures is also getting easy approval. No collateral is making the procedure more smooth and open the gate of quick approval.
The problem for some people who opt to take out these short-term loans is that they are expected to paid back quickly. That may be easier said than done for some borrowers. Car title loans range from $500-$5000 depending on how much a person's car is worth. Lender's usually give anywhere from 1-3 months for the loan to be paid off. This can create a problem with debt for some people when they aren't able to pay it off in time. How do you find the right debt solution when you are faced with this type of situation?
Auto title loans offer up to $5000 depending on the value and amount of equity you have in your car but with some of the highest interest rates around, along with substantial loan fees. For example, a loan of $600 paid back in two weeks will cost about $122 in interest and fees. Change that to three months to pay back and it will end up costing $375 in interest and fees!