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 low credit score can be difficult to understand, let alone explain. It alone cannot predict a lender’s decision, suggest why your credit score is low, or indicate whether you can afford a new payment. A 450 credit score can make it difficult to qualify for a traditional loan. You may also end up with[…]
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[…]
APR, short for annual percentage rate, expresses borrowing costs on an annual basis. Many loan contracts disclose the APR with the interest and certain fees included. Credit card APRs, on the other hand, reflect the interest rate, and disclosures of credit card fees are usually made separately. That difference can be substantial when rates are[…]
ACH is an acronym that represents Automated Clearing House — a fitting name for the U.S.-based clearinghouse network through which funds can be moved directly from one bank account to another. Most people have used the ACH system at some point in their lives, whether they knew it or not; this may include using a[…]