01.06.2014

There are many myths out there when it comes to credit scores. You have most likely heard at least some of them. No one really knows where they came from, but we do know they are myths. If you are unsure of what is a credit score myth and what is a credit score fact you should continue reading so you know fact from fiction.

One credit score myth is that you should never close a credit account. This is a myth because it is not always the case. There are times when this is what you want to do. Typically if you want to get a loan in the near future you do not want to close a credit account. However, if you have plenty of credit accounts, and you see no need for a loan in your future there is nothing wrong with closing one.

Credit Rating

Credit Rating (Photo credit: Match Financial)

Having tons of credit cards means you will not be able to get a loan is one myth that people think is true. At one point in time it was somewhat true. The fear was that you would go out and run up huge bills on those credit cards only to default and wind up in over your head. What has been noticed however, is that those who have been able to handle many credit cards for some time without issue will not just go out overnight and max out all of their cards. They have shown their responsibility by not keeping them maxed out, thus they are more trustworthy than once thought.

Another myth is that you do not need to worry about your credit score. This one is absolutely crazy! Of course you need to worry about your credit score! You credit score will determine what your loan rates will be or even if you can get a loan. Your credit score is very important and you need to pay attention to it. Remember the higher your credit score the better off you will be.

One rather strange myth is that you have to be in debt to have a good credit score. This is so not true. The thought behind this is that if you have a debt and are making your payments on time every month your credit score will go up. While that is true, you do not have to be in debt to have a good credit score. Say you have a credit card and make a purchase with it and then immediately pay it off. You do not have debt but it did help you build up your credit score.

Do not believe all that you hear when it comes to your credit. If you are unsure of something do your own research. You have the ability to find out for yourself if something is a myth or if it is a fact. The more you learn the better you will be able to separate credit score fact from fiction.

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What is a Payday Loan?

This type of loan is one based on a person’s income. A lending company gives cash money to people who are approved for this loan. The person then agrees to come in on their payday and pay back all or part of the loan, or to have the money debited from their bank account on a specific date. The terms and conditions will be clearly explained to the borrower and be in the contract. Some loans may be paid back in one lump some, while some lenders will work out several smaller payments with the borrower to help make the payments more affordable and manageable.

What can this money be used for?

Just as your boss does not tell you what you can and can’t spend your paycheck on, the company lending the money does not direct you on how to spend it. Whatever your money emergency is, you can use the money to fix it. If something broke down and you need to pay to have it repaired, feel free to do so. If you need to make a new purchase and replace the item, you can do that to. There are no rules on what you can and can’t spend the money borrowed on.

Many people use the funds for Auto repair. Cars are one of the main things that break down and people need fixed right away. Even something little on a car will cost several hundred dollars. If whatever isn’t working on the vehicle is major, it can cost several thousand dollars. Some people see commercials for auto Sales and decide to use the money for a down payment on a car, truck, or van, and that is fine too.

An air conditioner that breaks down during the hot summer months can also have people with Savings in applying for a Payday Loan. The same goes for a heater that breaks down in the middle of winter. Other people have a medical emergency and need money to go to the doctor or hospital. Maybe a child needs medicine and the parent does not get paid for a few weeks. These loans can really help in this type of situation.

Some people take out a Payday Loan to pay for everyday things they need, like gas or groceries. They may pay their electric bill, go shop Sales on school clothes, pay for daycare, or a number of other miscellaneous expenses. There are not rules on what the money has to go towards, which makes it really convenient for people who just need money to get them through until they get their next paycheck and can start paying the money back.

Who gets approved for this type of loan?

This type of loan is made for people who need money fast and have a paycheck coming in the future. Moms, dads, grandparents, single people, married couples, and students apply for this type of loan on a daily basis. The lending company will need to verify income and identity. Many people are able to walk out with money in no time at all.

The best part is that once you are approved for this type of loan with a company, you can work with them again in the future as long as you paid them back, you still have your job, and there weren’t any problems. These companies love building relationships with customers and helping them out as needed in all of their financial emergencies. People do need to be of a legal age to borrow money, or have their parents take out the loan for them.

What about bad credit and bankruptcy?

Bad credit, bankruptcy, and zero credit is usually not a problem with these types of lenders. The lender looks at your job information and the information for your future paycheck. They help people with all types of credit, those with scores above 700 and those with horrible credit scores. All information gathered is kept securely and not shared. The lender will not ask personal questions about your past credit history, as they care about your current situation and not the mistakes that a person made with credit cards and such in the past.

Have you ever wanted a cash loan review or overview guide that would explain all the facts about online loans to you? If you have, today is your lucky day! Since we regularly answer questions that people have about online payday loans, we’ve put some of our findings together for you here in this cash loan review article. Read on to discover the most important information that everyone needs to know about online personal loans.

Cash Loan Review – Will Your Loan be an Unsecured Loan?

Yes, your payday loan is going to be an unsecured loan. Unsecured loans allow you to borrow money without any collateral. Traditional bank loans and lines of credit from most credit card companies are typically secured loans. If you default on a secured loan, you could lose the property that you offered as security to your lender. You never have to look around for property to put up as security when you get a payday loan. The lenders in our network never ask for any collateral to approve your loan requests.

Cash Loan Bad Credit Optionsbad-credit

Have you experienced serious financial issues, like late loan payments or even a bankruptcy in the recent past? Millions of people have reported similar issues, and have seen their credit scores drop significantly as a result. The traditional lenders – banks and credit unions – usually do not offer loans – even small loans – to people who have subprime credit scores. However, our network of payday advance lenders do not require you to undergo a credit check or provide any information about past financial issues. As long as you bring in a regular pay check and have a bank account, you may find that getting approved for a loan is easier than you think.

Advance Cash Loan Fees

Borrowing money always entails fees that must be paid. Payday advance lending companies do charge fees to their customers. The only fee you need to be concerned with, however, is the flat-rate loan fee that you pay when you repay your online lender. These fees do vary from one lender to another. As long as you make timely payment on your loan, you won’t have to worry about any late fees or loan extension fees. We all know that it’s best practice to pay our bills on time. And as long as you pay your loan off in two weeks, you will not have to fork out any money for the additional fees we just discussed.

Cash Loan Review Conclusion: Payday Loan Benefits

To wind up this cash loan review, let’s briefly hit on the major benefits of payday loans  online:

To get your online loan application submitted, you have come to the right place. You’ll find an application on this website that will give you direct access to our nationwide network of preferred payday lenders