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Why You Should Choose Online Payday Loans For Bad Credit

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Being empty-pocketed of cash during difficult times happens to Americans much more often than you imagine. And if you find yourself strapped for money just when bills and other emergencies have begun piling up, you can turn to bad credit Payday Loans from Personal Money Network

A loan? But you’ve already gone to the bank and they’ve disapproved of your application because of a few slip-ups on your credit history. Even other financial institutions you’ve tried have rejected your applications as well due to similar disqualifications. With bad credit, it seems as though the doors are closed on you for loans. But that’s not the way we see it. 

Bad Credit And Bank Loans 

Banks, or creditors and lenders, and other similar financial institutions will lend you money but only to the extent that they have a guarantee of your timely repayment, and in the amount as agreed upon on your loan terms and conditions. 

The universal criterion is that these lenders will require that your “financial track record (to lay it out simply) is up to speed. This will tell them of your financial capability to pay back what you’ll owe them. 

Some analysts have even gone as far as saying that whether you’ve never borrowed a loan before now, or that you have, and were able to make regular payments on-time are on the same page in the eyes of lenders. 

For the first, call it a clean slate. You have proof of income and your credit card spendings (and payments) have been immaculate. There’s potentially nothing in your credit history that will tell them you might have a problem with repayments. And your credit score is excellent so really, nothing in your financial track record will hold you back. 

As for the second, if your financial background has speckles of a defaulted loan (or two, or more), late payments, deferments and/ or forbearances, and if you own a business and you file for bankruptcy, then the path towards getting on a bank’s “good terms” might not be so smooth. 

FISCO Score Versus Credit History 

Some institutions warrant that a certain FISCO score is reached before a borrower is potentially qualified for a loan. But what exactly is a FISCO score? This 3-digit score will reference your credit history standing and lenders can interpret it as a benchmark for your overall financial faculty. Call it a “summary” of sorts. It’s a summary of your entire credit history. 

You should know that about 35% of the said score consists of payment history.  

That being said, most lenders still lean towards reviewing your credit history instead. This is because they want to be able to get a glimpse not only over your general financial health but of what your financial habits have been like, especially when in terms of loan management. 

As a side note, finance experts agree that variety in your borrowing history, and completing their repayments therewith, is a good sign for lenders (as mentioned above). The record will show that you are able to follow through with repayments with a diverse set of loans that have varying repayment conditions. It proves how you can reliably pay back your dues no matter the type of loan. 

What Can I Do To Apply For A Loan When I Have Bad Credit? 

We’ve given you an introduction to warm you up for the answer to this question. Online Payday Loans. Because the people behind Online Payday Loans understand the difficulty of being disqualified for loans due to marred credit history, here’s your way out. 

Troubles are uncontrolled variables in life. They don’t stop just because one’s finances are teetering off the edge of stability. This is the very reason why Payday Loans exist. To help people get through their current financial crisis enough to get them back on their feet. 

What Is An Online Payday Loan? 

It’s a short-term loan that can be quickly and automatically transferred to your account (upon qualification) and will give you between the time of receipt until your next “payday” to repay the loan itself plus interest. 

Many of those who go for payday loans are those who have a sudden need that has to be addressed, and they have the amount for in only their salary isn’t until a few days or weeks. If you fall under this category, then you’re going to find this type of loan helpful. If the repayment time frame of a payday loan, you can ask your lending specialist about an Installment Loan instead. 

Application Requirements And Qualifications For A Payday Loan For Bad Credit 

The options under payday loans for bad credit are tailored towards that very problem itself: borrows who’ve hit a snag because of bad credit. You’ll discover that not only are the repayment options comfortable but so are the interest rates. 

A credit check is actually still done by payday loan lenders. Only, the focus will be on your current ability to pay for your loan. Moreover, lenders will take into consideration that the reason why you’re applying for a payday loan is exactly because of your credit history. So, they will have other ways than the latter to qualify you. 

On the grounds that payday loan platforms send your request to several lenders, the response is, most often than not, immediate. Once you fill out the loan application form, submit the documents required of you (personal information, proof of employment, savings, etc.), you may already know that you’ve been endorsed, accepted, and authorized within minutes. 

Along the same lines, the transferring of the loan amount to your account will also occur swiftly. A lot of payday loan borrowers see the amount in their account as fast as the next day. Others, less than 24 hours. Talk about a shortened time scale compared to what you’d have to go through with conventional lenders. 

The timeframe between your application submission and application approval varies per lender but the process is generally shorter and speedier than that of conventional loans. 

As long as you are 18 years of age and older and receive a steady income, there’s little else you should worry yourself about being approved for an online payday loan.

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Bad Credit

‘There is no new normal’: Worcester small business owner pivoted during COVID-19 and expects only more change after pandemic

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It took about eight minutes for the bank to reject Natalie Rodriguez’s application for a loan through the Small Business Administration.

Rodriguez opened Nuestra, a Puerto Rican inspired restaurant in Worcester, in January of 2020. When COVID-19 arrived months later she discovered Nuestra wasn’t eligible for the federal or state funding that thousands of other establishments received.

To qualify, restaurants were required to show payroll and salary for years before 2020. Those figures didn’t exist for a restaurant that weren’t open in 2019.

“[I was] determined and knew that ‘no’ is not an OK answer,” Rodriguez said. “A door may close but you may need to kick down another door.”

Rodriguez then applied for conventional loans only to be led to more closed doors. Less than 10 minutes after applying for an Economic Injury Disaster Loan, she received notice that her poor credit score resulted in her application being denied.

Rodriguez used the dead end with the SBA to create a new path for herself and Nuestra.

She not only learned how to improve her credit but wanted to ensure others didn’t have to follow her journey as an entrepreneur.

Rodriguez extended the “Nuestra” brand to include financial advising. She started Nuestra Financial in April of 2020.

“Now I’m helping others. I’ve been able to restore my credit,” Rodriguez said. “I’ve been able to help others restore their credit and be able to help them make a business themselves if they so choose. I’ve been able to survive.”

Without grants and other funding, Rodriguez managed to keep her restaurant open through funds generated from Nuestra Financial.

“I was very quiet about it in the beginning. I didn’t want people to be like, ‘Oh look at this girl, she just opened a restaurant in the middle of a pandemic,’ and talk smack,” Rodriguez said. “About a month or two later, a light bulb hit and I was like, nobody pays my bills but me. I needed to mind my own business and not worry about what other people thought.”

In creating Nuestra Financial, Rodriguez said she’s helped Worcester residents restore their credit and purchase new vehicles and homes.

Rodriguez said financial literacy is rarely taught to children in school and wasn’t something she learned. When a situation arises like a rejection notice for an economic disaster loan, many don’t know how to respond or where to find answers.

Rodriguez said she’s helped young and old people, along with those who have bad credit or no credit.

“We lack the confidence, including myself, because we weren’t taught,” Rodriguez said. “So if you don’t know something, you weren’t taught, you’re not going to be confident about it.”

Coming out of the pandemic, Rodriguez remains confident about both her businesses. Nuestra, the restaurant, while closed for daily service continues to provide catering services. Rodriguez is still preparing what the future holds for the restaurant but plans to announce an update soon.

As masks start to become less a part of daily routines, Rodriguez, as a small business owner, doesn’t envision many differences from this year to last.

So many aspects of life remain uncertain from rising food costs to a potential third booster for vaccines and whether the country will ever reach herd immunity for COVID-19.

The pandemic arrived with Rodriguez immediately pivoting. As it approaches its potential end, Rodriguez will continue to do what helped her to navigate it.

“I feel like there is no new normal just yet,” Rodriguez said. “I think we’re all just trying to adjust and pivot at the same time and getting creative. I think it’s where we all are.”

Related Content:

Owner of Worcester’s Nuestra restaurant, closing due to COVID impact, has something she’d like to say to Gov. Baker

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Columbus Mattress Wholesale moves to newer, larger Gahanna store

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More than four years back, Cathryn Clark’s boyfriend, Christopher Robbins, was on the hunt for a new mattress. He just couldn’t find one at an affordable  price. 

Clark, 29, and Robbins, 34, who are now engaged, were living in Franklinton, where they still live today.

They had no experience owning or operating a small business; Robbins worked as a retail assistant for SAS Retail Services while Clark worked as the communications director for two Methodist churches. 

But in 2017, Robbins, with Clark at his side, took the leap and opened Columbus Mattress Wholesale on the West Side, with the goal of  helping low-income consumers secure mattresses and other bedtime products.  

“We really wanted to bring a store to people that, you know, they weren’t paying an arm and leg, but they still could get a good night’s sleep,” Clark said.

Customers at Columbus Mattress Wholesale can pay cash or credit, for example, but the business also works with financing companies that serve people without credit scores, with bad credit or who are lower income. 

Last month, the business made a big move. It expanded from its original location on Harrisburg Pike to a store double the size at 435 Agler Road in Gahanna.

Clark said she and Robbins saw a need in the broader area, with many of their customers coming from outside the Hilltop, such as Linden.

Nestled between Dollar Tree and the Ohio BMV in Gahanna, the new storefront opened Memorial Day weekend and sells mattresses, bed bases, bed frames and pillows. Mattress prices range from under $100 to more than $1,000, depending on the size and brand, which includes some well-known names such as Serta, Beautyrest and Casper.

Clark said while she and Robbins originally sold solely Ohio-based brands, they’ve branched out to national brands as business has grown.

Columbus Mattress Wholesale also offers free same-day delivery on most orders from customers living in Columbus. 

Clark does a little bit of everything for the business, from running communications, to working on the sales floor, to managing the sales team, to ordering what they sell. 

She said a big mission for herself and Robbins, beyond doing business, is aiding the community.

“We’ve seen a lot of people struggle,” Clark said.

Clark said she and Robbins work to mentor other people who are hoping to open or currently own a small business. She added that the store starts employees at $17 per hour.

She and Robbins haven’t decided yet what they will do with the original location — which is currently closed — but said they might shift it into an accessory store.

[email protected]

@SarahEDon

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A Guide to Getting Mobile Deals with Bad Credit History

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You’re interested in a new mobile deal but there’s only one thing that’s stopping; you’ve got a bad credit history. Does that mean that your hopes of getting a new phone contract are crushed? Well, not exactly. In this article, you will learn how to get a mobile phone with no credit check required and how you can navigate the issue to get a great deal even with bad credit history.

Why is a bad credit history a big deal?

When taking a new phone contract, it means you’re entering into a financial agreement that requires you to make payments in monthly installments. As such, many providers of the service will want to ensure that they’re entering into an agreement with someone who will pay the agreed amount without violating the terms.

The best way for them to have that assurance is by looking into the credit history of the client. But does it necessarily mean that if you’ve got a bad credit history you can’t honor your side of the bargain in a phone contract? Of course not; which is why this article gives you the options you can pursue to end up landing a pretty impressive deal.

Although you might not find a deal that includes the latest devices in the market, you’ll not lack a relatively cheaper but functional option. For instance, if you’re a great fan of the iPhone, you might end up landing the iPhone XR instead of the latest release of iPhone 12. When the deal is cheaper, you stand higher chances of success as opposed to one that just dropped in the market and so it’s in high demand.

Another alternative is to find a contract that comes with a used handset as such tend to be less strict in terms of credit history requirements. That means you’re likely to pass the test of a contract with an already used gadget as opposed to that of a brand new phone.

Another alternative could be to go for SIM only deals especially if you already have an alternative source for a handset. Most of the providers won’t require you to sign any contract and so they’ll not look into your previous credit history. SIM only deals tend to be intensive on minutes, texts and data offers.

Networks that favor people with bad credit

There are networks that are more lenient to people with bad credit history than others. Major networks including Vodafone, O2 and EE usually come with strict requirements that might only frustrate you. The following are the alternatives you could consider looking into:

Smarty:The company offers SIM only plans that don’t require you to sign any contract. If you have an alternative handset, this could be a great alternative to consider as they won’t do a credit check on you. Their services and offers run on a monthly rolling basis which means you can walk away at any time in case you’re dissatisfied with the quality of service you’re getting. Their deals start at 2GB of data and unlimited texts and calls at a cost of £5 to unlimited calls, texts and data for £16.

Giffgaff:You won’t be subjected to a credit test here as well during sign up for one of the packages that the network offers. You’ll be required to sign up for a monthly bundle of your choice that’s inclusive of calls, data and texts. You can proceed with the same plan or switch to a new one after the month is gone. Most of their deals start at £8 a month.

VOXI:The network has numerous offers that operate on a 30-day rolling basis. They also won’t bother performing a credit check on you as it has no use in the first place. A bonus with this network is that they won’t include the social sites you frequent in their data charges.

Mobile phone to go with a SIM only deal

The SIM only deals we’ve highlighted above means that you’ll need to have a separate handset. In case you don’t have one already, you can take a separate mobile phone contract to go with your preferred SIM only deal. The other alternative is to buy one outright. But in case you don’t have money to make the purchase, you can always save up and buy when you’ve accumulated enough.

Some great smartphones that are classic and yet won’t put a huge wall in your pocket. Coveted brands such as iPhone and Samsung have great devices such as the Samsung Galaxy A52 5G that goes for £349 and the iPhone SE valued at £399. As you can see, with some savings, you should be able to get your hands on these gadgets and many others out there. And if you feel that these cost on the higher side, you can opt for refurbished phones. Refurbished phones refer to those handsets that have been used but have undergone intensive testing to ensure they still have got higher functionality.

When do credit checks apply?

Credit history is required by providers that have a mobile phone that requires a payment plan spanning several months or years. In most cases, the major network providers including EE, O2 and Vodafone will do a background check on your credit check before allowing you to sign up for their deals. Some factors that might make you have a poor credit rating is when you’ve missed several months’ payments, made late payments or placed too many credit applications concurrently.

Want to improve your credit rating?

The following are several steps you could consider to help you improve your credit rating. Most of these revolve around efficient management of your money, bills and other forms of payments.

  • Have a proper and functional bank account
  • Pay all your outgoing bills on or before the due dates
  • Ensure you’re registered on the electoral roll
  • Don’t share your account with a person with poor credit rating

That’s how you can work out things to get mobile deals even if your credit history isn’t a good one. But going forward, the best action plan would be to work towards improving your credit rating so that you can take advantage of the opportunities that come up in future.

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