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Credit and How It Influences Your Financial Life

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What Is Credit?

Credit is a contractual agreement where one party lends a certain amount of money to the other party, on the basis of trust. In this process, the borrowers agree to repay it on a future date to their lenders. Most of the times, the goods or money borrowed in this process is returned along with an interest. Credit is also the creditworthiness of an individual or a company, based on your earlier repayments to other lenders.

Credit in Accounting

In accounting, credit is an entry that either decreases the value of assets or increases the value of liabilities. While entering any financial transactions into records, credit appears on the right side and debit falls on the left side of an account. For example, if there are goods purchased on credit then the purchased goods will be added to the asset of the company in the form of an increase in the stock by that amount.

Types of Credit

Credits are of two kinds - secured and unsecured credit. Secured credits are lent in return of collateral (any valuable asset), which is to be returned to the borrower after successful repayment of the loan amount.

Unsecured credits are the loans that are granted without taking any collateral from the borrowers. Such credits are of higher risk for the lenders and hence come with excessively high rates of interests for the borrowers.

References:

1. Wikipedia https://en.wikipedia.org/wiki/Credit

2. Investopedia https://www.investopedia.com/terms/c/credit.asp

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Quick approval, I had a couple of questions on the loan before I accepted it. I had no problem getting ahold of someone to discuss this. They gave me a call to verify my payment options so there was no miscommunication. Great experience

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Applying Does NOT Affect Your Credit Score

CashAmericaToday is registered with the Utah Department of Financial Institutions to offer consumer credit services. When you submit your application to us online, it will be processed just as if you had submitted it in person, establishing Utah as the jurisdiction for the negotiation, execution, and fulfillment of all applications and agreements. If your application is approved, the funds will be disbursed from our account in Utah. Please note that Utah's laws governing consumer loan agreements may differ from those of your home state. It is the applicant's responsibility to adhere to all statutory requirements related to obtaining internet loans in their state of residence. Please be aware that this service may or may not be available in your specific state, and loans are not offered in the state of Michigan.

CashAmericaToday is a brand of Silver Financial Capital. The purpose is to meet your short-term borrowing needs, not long-term financial needs. Please note that this is an expensive form of borrowing. The loans and lines of credit may be used for whatever reason you need, like unexpected emergencies, car repairs, medical bills, or travel expenses. In addition, alternative forms of financing like credit card cash advances, personal loans, and home equity lines of credit might be more affordable and better suited to your needs.

CashAmericaToday does not perform any credit checks through the three major credit bureaus Experian, Equifax or TransUnion. We collect required information regarding debtors' creditworthiness from a third party source.

Approval time depends on the authenticity and verifiability of your documents. You might be requested to provide further information if required. Note that we do not approve all the loan requests. On the basis of state laws and your repayment ability, the terms and rates may vary. Any loan requested on Friday after 6:00 PM CST will be processed on the next business day, usually Monday- unless it is a holiday.

Should you have any doubts, please call our customer support at (855) 840-5688, Monday- Friday: 7:00 AM to 4:30 PM (CST) or email to support@cashamericatoday.com.

* I have read and understand the Terms and Conditions & Privacy Policy of this loan. All loans financed by CashAmericaToday