Fix Your Credit Reputation with Fast Cash Advance Loans
Being a very important parameter in the process of loan underwriting, credit score basically determines if your application is approved or denied. You are about to learn exactly how high your credit score should be to have no worries about loan approval. In case your score is a bit low than expected, we will also talk about how fast cash advance loans can help you boost it.
- People with low credit scores (500-619) get higher APRs on loans and even have troubles getting their applications approved.
- Even if you manage to get a line of credit with a bad score, you are likely to have problems paying off your debt. This difficulty turns into:
- A high debt to credit ratio;
- Maxing out on your credit cards;
- Multiple late payments.
SolutionsHere is how fast cash advance loans allow you to improve your credit score, thus, making you eligible for significant long-term loans with beneficial interest rates:
You avoid overdrafts and bounced check feesIf you take fast cash advance loans when your balance is next to $0, you can avoid such fees. Banks have two ways of charging you for overdrafts:
- A fixed fee per overdraft regardless of how big the overdraft is. However, you should know that there usually is a sum below which the balance can’t go whatever you do. The fee can be anywhere between $20 and $30.
- A fee per day of overdraft – You have to pay around $5 per day. The bad thing is that banks may apply both types of fees at the same time.
You avoid late payments on your existing loans
- Being late with your credit card payments makes it harder for you to improve your credit score. It actually damages it if you make this a habit.
- Always make payments on time by taking a fast cash advance loan before the due date. Not only will you stop damaging your score, but you can actually improve it by choosing a lender that reports to credit bureaus.
- Banks usually have penalty fees per day or per late payment. For example, you might be charged $25 if you were not late for any of the last 6 payments, otherwise you pay $35. If you make 5 late payments per year you would roughly pay $175 per year just for late fees. fast cash advance loans could easily prevent this by helping you pay your debt on time.
- The bank has the right to terminate any promotional APRs on new transactions for loans with variable interest rates;
- The bank can increase the interest to accommodate penalty APRs for variable installment loans.
- You manage to pay rent on time. Fast cash advance loans from lenders allow you to pay rent without any difficulties thus avoiding:
- Conflicts with your flat mates/landlord;/li>
- Late fees;
- Tense relationship with the landlord.
You don’t have to worry about utility bills ever going past the due date againFailing to pay the bills on time put you on a fast track to disaster:
- Your credit score is hurt;
- You start receiving notifications to pay the bills;
- Your utilities will eventually be cut off;
- You live in a continuous stressful environment.