What Is a Bad Credit Score and the Factors That Affect It?

Bad credit is something nobody wants yet many people face if they don't manage their money properly. Certain debt may develop beyond an individual's control, such as job loss, medical emergencies, car payments or other unexpected expenses.

What Is Considered a Bad Credit Score?

Credit scores, which lenders use to evaluate how likely an applicant can repay a loan, usually range from 300 to 850 points. Each lender determines its own good or bad scores, due to taking the risk. Here are the least attractive credit scores that can make it difficult to get loans, although it still may be possible:

• 580-619: Low credit score
• 500-579: Poor credit score
• 300-499: Bad credit score

In general, 700-850 is the top tier that represents an excellent or very good credit score. A good credit score of 680-699 is in the same ballpark as the average American score of 682. An OK score ranges from 620-679.

What Factors Affecting Your Credit Score?

• Missed Payments - For credit cards can lower credit scores, whereas mortgages are more flexible
• Defaults and Collections - Failure to follow the terms and meet deadlines lowers credit scores
• Public Records - Negative information can appear for 10 years on public records, despite repayment
• Foreclosure and Possession - Credit score can drop up to 160 points, depending on various factors
• High Credit Card Utilization - Divide credit card balances by credit card limits to find risk percentage

How Credit Scores Affect Future Borrowing

Banks have gotten pretty strict about lending following the financial meltdown of 2008. But if you do get approved for a conventional loan, you'll likely pay a high-interest rate, along with fees and charges. If your credit score is low, no conventional lender will approve your application.

Get Online Payday Loans for Bad Credit

Even if you do have bad credit and other lenders won't help, you can still turn to payday loans.

If you need online payday loans, contact us at Cashinasnap. Approval and access to funds deposited in your bank account usually happen within 24 hours if your application is submitted by 5 PM on a weekday. You'll need to include your name, email address, phone number, and banking information on your application form. Apply now!

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1 Hour Payday Loans: Do They Even Exist?

You will see websites saying “guaranteed payday loans with XXX” and “we provide guaranteed loan approval with no credit check” and other types of guarantees. Check out the fine print that is so hard to find.

Steps to Convert a Car Title Loan into Emergency Cash

Sometimes you may need some emergency cash. For example, you have a medical bill to pay and have trouble with your finances, or you did not receive your paycheck in time to pay rent; it happens to all of us from time to time.

That’s where car title loans can help you out. If you own a vehicle in good working condition, you may be able to secure a loan against it. Best of all, you won’t have to leave your car at a pawn shop or anything like that. You get to drive it the whole time and the debt goes away when you pay the loan back.

Keep reading to learn more about how to secure car title loans so you can get the money you need.

1. Find a lender in your area. In order to secure car title loans, the person lending the money will likely want to meet with you and see your vehicle. Pick somebody nearby with a trustworthy reputation. To find somebody worth dealing with, use the internet to do some basic research.


2. Set a time to meet with the lender. In most cases, all you’ll need to do is meet with the lender to have your vehicle looked at and come to a determination on how much you want to borrow. Before you meet with a lender, figure out how much you need to pay for your bills and needs.


3. Meet with the car title loans lender to get a quick check up on your car. This should only take about 15 minutes in most cases. The lender will also tell you how much they will be lending you while explaining the terms of the loan.


4. Don’t borrow more than you need. You’ll be paying back the loan with interest, so you don’t want to take out more cash than you have to. If you do, you’ll just be paying back even more money in interest payments.

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Get Your Budget Back on Track with an Instant Cash Advance

However, not getting paid the amount that you want and need isn’t going to stop the people in your life, like your creditors, from wanting money. In those cases, you may need an instant cash advance. By getting one, you’ll be able to pay your bills and get back on track.

Keep reading to learn more about getting an instant cash advance and how you can use one to improve your finances:

Rent Payments Rent payments need to be paid every single month, so even if you’re in a pinch, you don’t have much recourse. Even a forgiving landlord might give you a few extra days, but after that, they’re going to want their money.

An instant cash advance can help you pay your bills on time so you don’t have to worry about getting kicked out of your home.

Household Bills and Repairs Though you have covered all your monthly household expenses, sometimes it becomes difficult to come up with quick cash to cover emergency house repairs, higher energy bills or grocery bills.

An instant cash advance can help you cover all these unexpected costs and can ease your financial stress.

Credit Cards Interest on credit cards can be a killer and if you’re only paying the minimum each month, you’re going to spend a lot of cash for that one purchase you made. Over time, paying two, three or even four times as much for your stuff can put your finances in serious jeopardy.

By getting a cash advance, you may be able to spend less overall and pay less interest. That will help your finances in general by letting you keep more in the bank.

Medical Expenses Medical expenses for you or your children can pop up at any time. Even if you have enough cash to pay them, they can put a real strain on your financial situation in general. It becomes even more difficult when you are in retirement age as your health insurance does not cover all the expenses.

Getting an instant cash advance can help you pay off those unexpected medical bills. An instant cash advance is something you can fall back on during your unexpected financial emergencies.

Let us know if you are going through any such financial emergencies so we can help you get through the stress of the situation.

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Quick Cash Loans: A Boon for Employees

When you find yourself needing money in a crisis, it can be tough to know where to turn to get those funds. Quick cash loans may be the answer. You get the cash that you need when you need it, offering convenience and flexibility that most other loans do not offer.

Large Credit Score Not Needed Many people worry about applying for quick cash loans because they have had difficulty qualifying for loans in the past. You do not need to have a great credit score to be eligible for a quick cash loan. The loan company will perform some basic checks to ensure that you are employed and receiving a steady monthly paycheck.

Easy Terms and Conditions The process of quick cash loans gives the assurance that you will be able to repay them. As long as you have gainful employment, you should get your cash. Make sure that you understand the terms and conditions associated with the loan before you sign the final paperwork so that there are no surprises.

Quick Availability Quick cash loans are just what they advertise: speedy. You get cash in hand when you need it to meet your monthly expenses or to cover emergency expenses (i.e. car repairs, hospital bills). You're not stuck waiting weeks to find out if your application has been accepted or limited to spending a set amount the way that you would with a credit card.

Flexibility of Usage With a quick cash loan, you have the flexibility to spend the money the way that you want. This is not the case for most loans. For example, if you qualify for a car loan, you are obligated to spend the funds that you receive on a vehicle. You can spend your quick cash loan how you see fit without any restrictions.

Finally, quick cash loan institutions have longer hours than many banks, which gives you a wider range of hours for getting phone, email, and live chat support. In addition to getting the funds as soon as you need them, it's also easier for you to make your repayments in a timely fashion.

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