A direct lender wants to make sure it is lending money to reliable people

A direct lender wants to make sure it is lending money to reliable people

Your credit history can serve as a blueprint for improving overall credit, and the results will pay dividends in the future

Therefore, they require baseline qualifications and that you meet more specific guidelines. For instance, Check Into Cash typically loans money to people with credit scores between 300 and 700. Borrowers must meet the following criteria to qualify for Check Into Cash services:

  • You must be at least 21 years old
  • You must live in a qualifying state
  • You must have a regular source of income
  • You must be a U.S. citizen or permanent resident
  • You must have an open checking account

One potential caveat is a hard credit check, also known as a hard pull. The company does this to see where else you have credit, such as with a car, home, or other types of loan payments. Hard credit checks can reduce a credit score by five to ten points per inquiry, which can be especially detrimental for people with poor credit histories.

Lenders reward consumers for practical uses of credit

Once an applicant submits the appropriate qualification forms, Check Into Cash reviews the information. The company will reach out to you within hours or days of submission. If you online payday loans Delaware qualify for the loan, a Check Into Cash representative will call or email you to complete the loan process and set up a repayment structure.

If you do not qualify, there are two potential reasons. First, you may not live in a state that offers Check Into Cash services. Second, you may not have a strong enough credit history.

Credit history measures an individual’s financial strength. It is a permanent record of their loans, debts, and line of credit, as well as opened and closed bank accounts. Pokračovat ve čtení „A direct lender wants to make sure it is lending money to reliable people“