Bad Credit and Your Credit Score
A lot of people are troubled by bad credit reports. When you have bad credit, it causes a lot of problems if you want to apply for a loan. Most financial institutions and banks don’t lend money to people with bad credit. However, this does not mean you can’t find other alternatives.
Bad credit does not have to make you feel miserable for long. There are many lenders who offer payday or instant cash loans to people with bad credit. These lenders can help you tackle financial emergencies, and make sure you’re not trouble with bad credit.
Moreover, when you take such loans and make regular payments, it improves your credit report. This allows you to apply for other loans from standard financial institutions in future. With payday loans, you can use the money for all kinds of financial emergencies, like paying bills, car repairs, buying a motorcycle, planning a vacation and more.
Nationwide Bad Credit Lending Opportunities Through RPTIA
All borrowers who have taken out a loan before, be it a mortgage or a personal loan of any kind, know that their credit history can make or break their application. The credit history is undoubtedly one of the most important aspects lenders tend to check these days prior to granting a loan to the borrower, in addition to the proof of income. Nonetheless, this does not mean that all lenders take your credit history into account, and RPTIA comes to support that by putting a wide range of Best Online Bad Credit Loans with Monthly Payments | RPTIA.com as well as small and large loans at the disposal of borrowers with a bad credit history.
Nationwide Bad Credit Lending Opportunities Through RPTIA
There comes a time in everybody's life when they need to borrow money urgently and when it does, they do not want worry about the paperwork or other aspects that may hinder their application, such as the credit history. This is where RPTIA Financial steps in and offers national bad credit lending opportunities to all those who need a small or a large amount of money in a timely fashion. That being said, RPTIA offers not just car loans for people with poor credit, but also title loans, personal loans, customized debt help as well as cash advances.
For instance, the car loans offered by this lender are the perfect choice for borrowers who have tried to take out a loan from other lenders, yet who were turned down repeatedly due to their bad credit history. RPTIA makes the borrowing process as easy and user-friendly as always, by allowing you to apply for the desired type of loan on the Internet, through a secure online application. All you have to do is to decide on the most suitable type of loan for you and then fill in the required fields: everything is done with several clicks of a button, from the privacy of your own home, regardless of where you reside in the US.
Moreover, there are several other notable benefits that apply to borrowing money online, safely and securely through the official website of RPTIA financial: not only is the entire process encrypted in order to protect your personal information, but the processing of your online application http://www.rptia.com/apply.html form takes place instantly, and you will receive your approval immediately. Besides this, you can choose to have your loan wire transferred within a few hours. Taking out a loan via RPTIA has never been easier and more convenient, even for those with a poor credit history!
Personal Loans Vs. Payday Loans
Payday loans and personal loans are very different – although both of them will get you some money, these two types of loans are quite different from several points of view. Firstly, the payday loan is a very short-term loan that will need to be repaid at your next paycheck: you can get approved for one within seconds, and the paperwork is minimal. Generally speaking, payday loan lenders allow you to borrow between $50 and a maximum of $1,000.
On the other hand, personal loan lenders make an inquiry into your credit (unlike most payday loan lenders), you need to wait a bit longer for your application to be reviewed and approved, and the repayment period can span over a few months or even years. Also, personal loans allow you to borrow a considerably larger amount of money than payday loans or cash advances, and the interest rate can be either fixed or flexible, as it is usually up to the borrower to decide.
Recognizing Credit Abuse
By recognizing credit abuse well in advance, you can keep troubled waters at bay. Below are five telltale signs that credit problems are just around the corner and you need financial help.
1. Failing to have a detailed account of your monthly expenses
Make sure you know precisely where your money is going, by taking into consideration ALL monthly expenses, including utility bills, cable television, insurance premiums and extras such as coffee, dining out, magazines and clothes, which are typically overlooked.
2. Maxing Out Your Credit Cards
Your spending is most likely getting out of control if you routinely charge up to your credit limit. Because this practice is considered risky, creditors tend to increase interest rates and lower the credit limit for individuals charging the maximum, which makes it more difficult to get out of debt.
3. Making only the minimum payment each month
Paying only the minimum amount due on your credit card balances leads to higher interest rates, lower credit score and debt extending for more than a decade. Save the money thrown away on interest rates by increasing your monthly payments.
4. Failing to have an emergency fund
The smart way to cover unexpected bills is to keep extra money in an accessible savings or money-market account. You should advisedly start with a goal of minimum three months' worth of expenses in the emergency fund and then gradually add more money.
5. Routinely charging essential expenses without a payoff plan
If you regularly charge essentials on your credit card and you do not have a solid plan to repay your gas or grocery bills in maximum 90 days, then it is a warning sign of credit abuse. In this case, make sure you review your budget and find the best way to cover your essentials without going into debt.
Advisedly, you should try to limit debt ( excluding your mortgage) to maximum 20% of your income.
Starting Credit Wisely
In this day and age, our lives revolve around how good our credit is. Starting credit wisely is not always the first thing on a person's mind when they are starting out, but it should be. If you are a person who has no credit and wants to start building your credit, then here are a few tips.
When you get your first credit card make sure never to spend more than what you can pay. You are using this as a tool that will help build your credit, not bury it! You can do this by using your credit card to pay for your monthly grocery bills, and pay it off completely when you get the credit card bill.
It may be exciting, but try to avoid applying for more than one credit card. One if more than enough when you are starting out and trying to build a good line of credit.