In the financial world of today having a good standing credit score is the first step to being considered for loans. Banks and credit cards use these numbers to decide more than just approval status. If your debt to income ratio is high, he mount of the loan may be affected and if you are approved, you may find that you will end up paying a higher interest rate for the loan. When you are a “risky” application, there is much caution taken in processing your loan. Chances are that if you have more than just a high DTI, you will be turned down all together.
Payday loans are a no credit bureau check loan. The loans are smaller in amounts than what banks give, but they sure are enough to get yourself out of a jam before your next paycheck comes in. These small loans can be used for:
- getting that last minute gift
- getting bills out on time
- filling the refrigerator with groceries
- school supplies
- spending money for a vacation
There are so many different uses for these types of smaller loans. The major factor as to why these are better is that you take the loan out for a certain amount that you need. This will not only keep you from overspending but it will make paying off the loan a smoother process.
I don’t know about you , but if I have extra money in my account that has not been pinpointed for a certain budgeted area, it doesn’t stay there long. Maybe a few extra trips to the coffee hut or a lunch out with the girls, will bring my account status back down. Sure I deserve a treat, but when my next paycheck comes and it is time to pay it off, it will hurt a bit more having to pay off the extra unnecessary spending.
Know your spending habits and search for ways to improve them. Use a payday loan to take care of those financial needs and not your financial wants.
