When you look around your neighborhoods, it’s hard to find any good news. Friends and neighbors may have lost their jobs or be on short-time. There are foreclosed properties on every street. Shops and businesses have been closing down with increasing frequency. These are the signs of a real recession where unemployment and poverty stalk the land. The cause of all this pain is not hard to find. We have all been living beyond our means. When the banks and credit card companies offered us more money to borrow, we just took it. Why bother to save when the value of our homes only goes up? Let’s plan for our retirement by borrowing cheap money and buying stocks and other more risky investments. No-one ever loses if they follow the advice of the credit rating agencies. Well, we know better now. What goes up can also come down. What is given a triple A rating can be junk tomorrow.
In the midst of all this chaos, the credit card operators have been cutting back on the borrowing limits. This has forced pain on us for two reasons. Firstly, finding the money to pay down our debts more quickly means redesigning the family budget. Sacrifices have to be made. Secondly, the way the credit score is calculated depends in part on the extent to which we use the credit cards we have. If the limits are reduced, we look like bad risks because the amount borrowed is closer to the limit. We have less money available to borrow and cut down on card usage so we can repay faster. Put the two together and the score falls. This is a direct criticism of the methods used to calculate the scores. It produces a fundamentally unfair result during a recession.
This would not be a problem if the credit score was only used by banks and credit card operators. But it’s also used by companies to help decide whether to employ you, by landlords deciding whether to rent to you and by insurance companies deciding whether you are a responsible person. National figures show more than half all insurance companies use credit scores as a key factor in deciding your premium rate. This is extraordinary. There is only one possible effect of being in debt when it comes to the way in which you drive. If you cannot afford to repair your vehicle, you drive defensively to reduce the risk of an accident.
Some states like California and Massachusetts have banned the use of credit score for this purpose, but they are a minority. They cite discrimination as a reason for the ban. The majority of the population without access to banking services and credit cards fall into minority racial groups. When they do not have a credit score, they are forced to pay a higher premium simply because of who they are, not how they drive. So, when you are looking for affordable cover, get the maximum possible number of car insurance quotes to find the best policies. If you live in a state which refuses the regulation of the car insurance market, contact your local government representatives and tell them how much pain you are suffering because of this unfair use of credit scores.
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Articles at May 23rd, 2010.
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If you should be someone who may need money but have stayed away from lenders because you know your credit rating is bad, here is a way you can still get the cash you need. Payday loans are small loans that enable you to get cash quickly – sometimes in less than an hour. Besides being quick, you will also want to know that there is no credit check, either. Here is some information that will show you how you can get a payday loan for yourself.
Payday loans can be obtained easily online, or by going down to the nearest payday loan or cash advance store. They also have a few other similar names but are really all the same thing and operate the same way.
Applying for a payday loan is easy and should only take about 10 minutes. The qualifications are rather simple and most working people who do apply are given the loan they want. Since no credit check is given, it does not matter what status your credit score is in at the time.
The first thing you will need is to have been employed at the same place for at least two months. You will need to provide the name of your employer and contact information. Then, you will be asked if you make at least $1,000 per month – some locations may make this requirement higher – up to $1,500 each month.
A final qualification is that you will need a checking account that has been opened for at least two months. This is the account where your money will be deposited electronically once you have been approved. You also will need to provide authorization (or a postdated check) for them to be able to withdraw the amount of the loan plus the interest on the day it is due.
It is possible that you will need to fax them some of this information to verify your employment and bank account. You may need to fax copies of recent pay stubs, and possible bank account information. A no fax payday loan does not require you to fax this information, but they will still need to verify it before you can be approved. Fax payday loans are faster since you are sending the information they need shortly after you fill out the application.
The only system that most of them will be sure to check with is called Teletrack. It is a system payday loan lenders set up to keep track of current loans that people take out and the status of those loans. In some states, you can have up to three payday loans out at the same time – other states permit just one and smaller amounts.
Payday loan lenders provide the same services across the market – but there are a couple of differences you should know about. One of these is that the interest rates do vary quite a bit – anywhere from 15 to 30%. Another thing is that some lenders allow you to make more than one payment when you are paying off the loan. By shopping around some, you can find the deal that will work best for your needs – and possibly get it in about an hour. Also, if this is your first payday loan, be sure to look for lenders who will give you the first one interest free.
Posted in
Payday Loans at April 7th, 2010.
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Payday loans, also known as “cash advance loans” are being used by more and more consumers to meet month-end financial obligations, when there is simply not enough cash to pay the gas bill, rent or auto loan. In essence payday loans have become a necessity for most people, at certain points in their lives.
If you need $500 to $1000, your best source of quick cash, is an online payday loan lender. Since most consumers are turning to the web for loan of all kinds – most payday loan stores are also offering payday loans, online to their customers usually in 24 hours or less. This is good business of the lender and a great convenience for clients, who would like to get a loan quickly and discretely.
No Credit Check
A no credit check payday loan allows you to bypass the credit verification process. In short, you credit history does not matter. This is true whether your credit score is 300 or 450 or you simply don’t have a credit history.
For obvious reasons this feature is attractive to clients who need a fast loan. They don’t have to complete extensive paperwork and wait for their credit report to be pulled. In addition, there is no history of the loan on your credit report.
No Faxing
A no fax payday loan also known as a “faxless payday loan” offers 100% of the loan application process online. This means that there is no need for you to fax your pay stub, bank statements, etc. The lender is able to verify your employment history and monthly earnings by working with you.
Posted in
Payday Loans at April 3rd, 2010.
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