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Credit Scores, Personal Loans, and You!

Understanding your credit score is an important part of the personal loan process. Your credit score tells potential lenders how likely you are to repay any loan or line of credit that you request. While many of our lenders do not rely on your credit score to make a decision about funding your personal loan, it is important to understand this important indicator in the broader context of loans & lending.

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What is a credit score?

A credit score is a three digit number between 300 and 850. Your credit score attempts to inform creditors how likely you are to repay money that you may borrow. Your credit score is computed by evaluating a variety of weighted factors:

  • Payment history (35% of your score)
  • Debt, or amount of money you currently owe (30% of your score)
  • Length of your credit history (15% of your score)
  • New credit (10% of your score)
  • Types of credit used (10% of your score)

Request you credit report at least once per year

Your credit score is calculated by Fair Isaacs Company (FICO), and is sometimes referred to as a FICO score. FICO in turn receives its information together with the three credit reporting agencies: TransUnion, Experian, and Equifax. Under federal law, you are entitled to one free credit report per year. It is important to regularly examine your credit report to check for mistakes, credit errors, or even credit card fraud.

Credit scores limit and open your personal loan options

When evaluating your credit score, most creditors view 650 as the threshold of “good credit”. A score between 620 and 650 may be interpreted as average credit. Individuals who have credit scores below 620 can often get credit, but at sub-prime rates.

Payday loans don’t require a perfect financial situation

Payday loans are convenient because they are intended for people who have had problems with their credit in the past. So you don’t have to worry about having a subpar financial history in order to be approved for a fast, helpful payday loan. However, because the typical person who signs up for a payday loan has sub-prime credit, payday lenders charge sub-prime rates. Learn how to protect yourself from predatory payday loan lenders.

Things You Need To Know

  • A payday loan is sometimes called a cash advance loan, check advance loan, or deferred deposit check loan.
  • You can submit an application online from your home, and you don’t even have to worry about faxing any documents.
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