Poor Credit Payday Loans

What is a Credit Score?

There is a lot of talk and references to credit scores on TV, the radio and in the news lately. So what's the big deal about a credit score and what is a credit score? A credit score affects whether you can get credit and what you pay for credit cards, auto loans, mortgages and other kinds of credit. The score give lenders an indication of how well you will be able to make your credit payments in a timely manner. The normal range for a credit score is from 300 to 900, with the majority of people in the 600 to 800 range. The higher the score the more likely you are able to get a loan. The lower your score, the less likely you will be able to get a loan.

Getting a Loan

As you are well aware, financial institutions and banks require a good credit score in order to be eligible for a loan. Sometimes it's difficult to maintain a high credit score and therefore it becomes tricky to obtain a loan from traditional sources. Unfortunately we are often left in the dark about our credit score until it' too late. If you're interested in finding out what your score is, you can visit Equifax, Experian or Transunion for more information. These are the main credit reporting agencies that can produce a credit report for you. Luckily if you don't know your score, have gotten rejected by a bank because of your low score or you find out that your credit score is poor you can still get a loan from OzLoanSource.com where we match you with the lender that best fits your needs.

What Affects My Credit Score?

You may be wondering what affects your credit score.

Things that Negatively Affect Your Credit Score:

Late or missed payments
Using more than 80 percent of your total amount of available credit
Bankruptcy
Liens or foreclosures
Periods of unemployment
Too many requests for new lines of credit

Things that Positively Affect Your Credit Score:

Paying your bills on time and in full
Using 25 percent or less of your available credit
Steady employment

Because of the unstable economy in recent years more and more people are finding themselves affected by bankruptcy, foreclosure and unemployment which leads to a low credit score. Often these are situations that cannot be avoided. Even people with a good credit score have seen their score drop and are no longer able to be approved for a loan by many financial institutions. If this is the situation you find yourself in, there is hope. A payday loan or cash advance is an alternative to traditional sources of credit. Our lenders can provide a short term loan to you even if you have a low credit score. When there is no where else to turn, we can help.