Why Credit Score Matters While Taking Out a Loan?
A credit score reflects the present health of your finance. Credit rating agencies like TransUnion, Equifax and Experian give you numerical values based on how you have dealt with your past credits. When you borrow money and the lender reports it to the bureaus, your credit history beings. Then subsequent timely and late payments also are reported which make your history longer. If you are not sincere in making the payments on due, your credit rating goes down, and you get a bad credit score. In a scale of 300-850, 550 or below is a bad credit score.
A good credit score (650 or above is fair) always shows that the borrower is sincere and can be trusted, especially with large and specific loans like mortgage and auto loans. From the lenders’ perspective it is totally fair. Apart from that, some funding need additional collateral, a good income level and in specific cases even a co-signer. For nonspecific loans –that can be spent any way you want- such as payday or installment loans, credit score does not matter with some lenders such as CashAmericaToday.
Can You Get a Loan with No Credit History?
Small cash loans like installment loans can be a maximum of up to $1,000. Lenders like CashAmericaToday do not consider qualifying for such a funding must require a good credit score- as long as the borrower shows the promise of repayment through his income level. Apart from that, everyone starts with no credit history, and someday a loan becomes necessary. Being an experienced lender, we understand this better than anyone else. If you always wondered “where can I get a loan with no credit?”, the place is here!
With our online application process, you can request an emergency cash which would be approved instantly. The same day the amount will be deposited in your account which you can repay in installments over 3 months. All these conveniences come with an unbelievably low interest rate. Will you not apply?