Get Holiday Cash with Bad Credit
The holiday season is here and this is that time of the year when you need some extra cash to treat your family or loved ones. Whether you want to take a vacation or just need some extra cash to celebrate the Christmas and New Year holidays, a holiday loan will help you make your plans successful as you wait for payday to arrive. However, a bad credit history can always haunt you when it comes to getting a holiday loan with good terms and low interest rates. But with Money 4 You Payday Loans, you don’t need to worry about your bad credit history anymore!
What is Bad Credit?
Bad credit refers to when lending businesses have little trust in you to repay the money that you have borrowed from them. It comes as a result of past failure to fulfill your credit agreements and the inability to get approved for new credit. If you have a bad credit score, it means that you have not paid your past credit obligations in time or just haven’t paid them at all.
Your credit account history is compiled by credit bureaus that review your credit behaviors and create a credit report to help calculate your credit score. Your score, which ranges from 300 to 800, shows your credibility; with lower scores indicating bad credit. Generally, a credit score below 620 is considered bad credit.
- The Effects of Bad Credit
Having bad credit or no credit at all presents a major challenge for you when it comes to applying for a loan because you are viewed as a high-risk customer who is likely to default on paying back. You may find a bank offering you a loan at higher interest rates, or capping the loan at a lower amount in order to lessen their lending risk. You may also be forced to offer more collateral than a buyer with good credit on the same loan amount.
- Behaviors and Habits Likely to Land You in Bad Credit
You will mostly find yourself having a bad credit score because of reasons such as engaging in impulse spending, lacking an emergency fund to cater for emergencies such as medical bills, going without a budget, spending more than you earn, paying your bills and debts late, and more.
- Simple Ways to Rebuild Your Credit Score
Rebuilding your credit score is not that difficult. You can start by paying your bills and debts on time or early, check your credit report for errors, dispute any credit report errors there may be, manage your credit cards responsibly, use your credit card for small purchases, don’t open too many credit new accounts or close old ones, and keep your balances low.
Christmas Loans For Bad Credit
There are still many options out there to get cash for the holidays. You can start by making a proper budget for what you have and limit expenditure to it. You can also mobilize existing resources such as selling off some equipment you no longer use. Peer to peer lending is also an attractive option to consider since you will be borrowing from an individual investor who may understand your situation more than an institution.
You can also opt to apply to a credit union or get a home equity line of credit. Credit unions are reliable because as long as you are a member and illustrate the ability to pay your loan, you will qualify. A home equity line of credit is great too although it may put your home in jeopardy if you fail to pay up. Payday loans, like the ones offered by Money 4 You Payday Loans, are also highly reliable if you have a job and a payday in waiting. However, all these options should be considered temporary to help with the situation at hand only.
Contact Money 4 You Payday Loans This Holiday Season
Consult Money 4 You Payday Loans today at 855-MY-MRMONEY for an easy and fast phone loan approval. You can also stop by one of our 22 locations in Utah, or get started online here, and make your holidays memorable with loan amounts of between $50 and $3,000. We offer same-day-cash and 100% security on your information. Don’t let your bad credit hinder your ability to enjoy the holidays!