About 1 In 5 People Have Bad Credit

If you struggle with paying your monthly credit card bills — you are not alone. Recent data shows about one in five people have bed credit, falling in the 300 to 549 range. In 2009, the number of people with really low credit scores rose more than 16 percent to 40 million.

And with a shaky job market, that number is expected to rise.

According to the federal government, the average U.S. household has a credit card debt of $15,200. Tackle on student loan debt of $33,000 and mortgage debt of $148,000, it can stress out just about anyone.

WHAT A CREDIT SCORE MEANS

A credit score is important; it’s a quick and easy way for a creditor to determine how good of a customer you’ll be. Scores range from 300 to 800 points. People who have a score between 650 and 719 are considered to be above average. Scores 550 to 649 are average, and anything below 549 is below average. People with a higher credit score indicate to a company that they have a better credit risk.

HOW IT HURTS YOUR LOAN APPROVAL

Lenders make business with people who have a savvy credit history. Yet, here at Top Loans for People with Bad Credit, we hope to bridge that gap, helping families get the loans they need to stay afloat. A low credit score can truly deprive your loan approval — but it only limits you.

On our website, we name the top lenders in the market. Many of these companies offer instant approval for all credit types. It’s important to note that because they handle more high-risk clients, their short-term loans may have a cap. They are typically expected to be paid back by the next payday. Many companies only offer $1,000 short-term loans, but there is a wide range of services available, like partial-payment and referral programs. We just hope to provide information that will be valuable for helping you cover food, health and other expenses you weren’t expecting in these dire times.

WHAT ARE SHORT-TERM LOANS

Most of these loans are designed to be used for when you are facing a costly bill and unexpected repair, and by their very name, loans for people with bad credit help those who are trying to better their credit rating and cannot get credit from anywhere else.

Typically known as payday loans, have a very high Annual Percentage Rate, usually at 650 percent. Meaning, if you borrowed $400 on an APR of 650 percent, then you would pay back $400 plus 27 percent of the amount, which totals $508. Unfortunately, it is difficult for people with bad credit to find better deals than this.

QUALIFYING FOR PAYDAY LOANS

The good news is that most people, who are 18 or older, can instantly qualify for a short-term or payday loan. There are still a number of prerequisites, including citizenship, employment and other details. Loan conditions vary by state, so it’s best to check out your own state laws before applying.

Top Loans for People With Bad Credit aims to help families get the resources they need to rebuild their lives. Here, you can find essential information about trustworthy lenders and other essentials to repaying your debts.

Top Loans for People with Bad Credit
4882 Post Avenue
Hebron, IN 46341
www.toploansforpeoplewithbadcredit.com