When you take a loan, there are expenses beyond the principal. The highest cost usually comes from interest. Pay attention to lender fees and the payment schedule, too, as they will alter your total cost of credit. When comparing loans, consider the dollar finance charge, APR, payment schedule, and total of payments, not just the[…]
Credit reports are a big part of loan applications, but they aren’t the only part. Bank statements and data on your account transactions can be used to check your income, check and analyze your cash flow, check if you own your account, and see if you can afford the monthly payments. Because there is no[…]
A 450 credit score falls in the poor category in the FICO score range. Because of this score, you are less likely to be approved for credit and are more likely to be charged a higher price for credit. However, a credit score is not the only consideration lenders use to decide if they will[…]
Local Texas ordinances can affect payday lending terms in some areas. They can dictate the maximum amount a customer can borrow, rules on loan renewal, refinancing, and the payment plan. Not every Texas city has the same rules. Therefore, a borrower should check the local laws before they take out a payday loan, especially if[…]
In Texas, a Credit Access Business (CAB) assists customers in obtaining credit from a third party lender. Typically, a CAB does not provide funds. Rather, a CAB acts as an intermediary between the customer and the lender. This business model is prevalent in Texas for both payday and auto title loans. This distinction matters to[…]
Texas payday lending laws are unique and do allow for payday lending. Costs and fees for payday lending vary by lender, by whether a Credit Access Business is involved in the transaction, and by whether local city ordinances apply to the loan. This guide breaks down the primary Texas payday lending rules and regulations. It[…]
Income is just one of many things lenders will look at in determining if they want to lend money. Lenders could be interested in how much you get paid, what you are getting paid for, and whether or not there is a good chance that the source of your income will continue. Usually, your income[…]
If your loan is due now and you do not make that payment, your account will become “past-due” tomorrow. Missing a payment breaks the terms of your loan and causes interest to begin accruing on the remaining balance, increasing the total cost of your loan and extending how long it takes to repay it. How[…]
Installment loans generally offer the best short-term funding options when you have a longer period to pay back, desire fixed payment amounts, and wish to build positive credit. If you just need to borrow some money for a short period (less than a month) and get paid soon, then a payday loan may be faster[…]
When you need cash quickly, the numbers on a loan offer can feel overwhelming. One figure stands out above the rest: APR. Understanding what this percentage actually means, and how it affects every dollar you repay, can save you hundreds or even thousands over the life of a loan. Whether you’re considering a personal loan,[…]