Results tagged “payday loans” from Payday Loan Quotes Blog

Payday Loan sites are popping up all over the internet. Some are secure but many are not. In order to get a loan, you must submit important personal information such as your social security number and banking information. Therefore, you should be extra careful to use a site that is secure and encrypted.

How do I know if a payday loan site is secure?

Here's one easy way:

Look at the website URL once you are ready to fill out the form. Does the beginning have "http:" or "https:"? It is NOT secure if it is only "http:". You must have the "s" for security!

Here are some examples of secure payday loan sites:

https://www.paydayusa.org
https://www.christianfaithfinancial.com
https://www.prescottfinancial.com
https://www.additionalearning.com

A relatively high percentage of credit reports contain errors. These errors can lower your credit score and cost you big bucks in terms of interest rates or qualifying for an interest-only mortgage loan rather than a 30-year traditional fixed-rate, for example. Therefore, it's a good idea to check your credit report for mistakes.

Look for the following:

• Identifying information that has you mixed up with someone else's activity
• Incomplete information
• Accounts that don't belong to you
• Payments reported as late but that you paid on time
• Debts paid in full that still show an outstanding balance
• Late payments and other negative events that took place more than 7 years ago, 10 years for bankruptcy

Believe it or not, it's not too difficult to read a credit report. While each of the three credit bureaus uses a different format, they're all pretty cut and dry, whether you're reading it online or on paper.

Each report is separated into six sections: Personal ID Information, Credit History, Collections, Courthouse Records, Additional Information, Credit Inquiries.

Personal ID Information:
Here you'll find your name, address, Social Security number, date of birth, and employment information, including your past employers and job titles. (This information is not used to determine your FICO score.) This section also may contain your spouse's name, the name of your employer, phone numbers, and your driver's license number.

Credit History:
This section contains your credit/loan accounts. For each account, the following information is listed:

Credit Cards (Revolving Credit)
1. Account name (American Express, Visa, Mastercard, etc.)
2. Account number
3. Date opened
4. Current balance
5. Highest balance
6. Amount past due
7. Credit limit
8. Type of credit - Revolving
9. Whether it's a joint or authorized account. A joint account makes your financially responsible for paying what the other joint holder spends. An authorized user doesn't and can help build your credit history and make it possible for you to qualify for an individual account.
10. Minimum payment required
11. Last activity - This date is the last payment or last charge you made.
12. Months reviewed - how many months the account history has been reported
13. Account status - open, paid and closed, inactive, paid in full
14. Your payment history - "pays as agreed," "30 days late," "60 days late, "90 days late," "charge off" (the credit has attempted to get paid but has given up)

Installment Loans
1. Date opened
2. Type of credit (installment -- mortgage, car loan, student loan, etc.)
3. Whether it's a joint, co-signed, individual account
4. Loan amount
5. Required monthly payments
6. Amount past due
7. How much you owe
8. Months reviewed - how many months the account history has been reported
9. Last activity - This date is the last payment you made.
10. Account status - open, paid and closed, inactive, paid in full
11. Your payment history - "pays as agreed," "30 days late," "60 days late, "90 days late," "charge off" (the credit has attempted to get paid but has given up)

Collections:
This section contains any delinquent accounts reported to collections agencies during the past 7 years. It contains the following:
• Name of collection agency
• Amount owed
When you pay off your debt, get it in writing from the collection agency and send it to the credit bureaus. Make sure the collection agency does the same.

Courthouse Records/Public Records:
This section contains the following records for up to 7 years, with the exception of bankruptcies:
• Bankruptcies (up to 10 years old)
• Foreclosures
• Overdue debt from collection agencies
• Tax liens
• Garnishments
• Lawsuits
• Judgments from state and county courts
• Overdue child support payments (in some states)

Additional Information:
This section may list your former employers and your past addresses.

Credit Inquiries:
This section is divided into two - voluntary and involuntary inquiries. Voluntary inquiries are those where creditors/lenders that have accessed your credit report with your permission over the last 2 years to determine your creditworthiness. Involuntary inquiries are those made by lenders that offer you credit by mail. These inquiries, and those made by your existing creditors, don't affect your credit score. However, if you accept a pre-approved credit card offer made in the mail, or apply for credit, that acceptance will lead to an inquiry that will affect your credit score.

A credit score is a mathematical computation that results in a number that's used to help lenders determine how likely it is that you'll pay back a loan. Your score is based on how you've handled paying back loans in the past. The higher your score, the less risk you pose of paying late or defaulting, the lower your interest rate. Hence, a higher credit score makes a loan less expensive for you.

The most frequently used credit score is the FICO score, which ranges from 300-850. They are created using software developed by Fair Isaacs Corporation. Most people score in the 600-700 range. Scores above 700 are desirable. Scores below 600 are considered a financial risk to lenders and creditors. While scores may vary among bureaus, they generally represent the same credit risk.
FICO scores are based on five factors. The level of importance of each factor varies by credit profile, and your profile changes over time. In general, they're weighted as follows:
• Payment history (35%)
• Amounts owed (30%)
• How long you've have credit (15%)
• Amount of new credit (10%)
• Types of credit used (10%)

Credit scores are used by creditors and lenders to determine whether they will lend you money and what terms (interest rate, how much, etc.) you will be offered. Boosting your credit score will result in considerable savings - better loan terms and lower interest rates. Interest only and other subprime mortgage loans - those with less than stellar terms sold to borrowers with low credit scores or not enough money - have resulted in foreclosure for many homeowners when they couldn't afford the hiked payments.

Do you want to save hundreds or thousands of dollars on loans? Your credit score can make a big difference! The amount you pay for a big-ticket item on credit can be quite different for someone with a high score compared with someone with a low score. Consider this: As of August 22, 2007, if you had a FICO score of 760-850, the highest bracket, you'd pay $1832 for a 30-year fixed rate $300,000 mortgage loan at 6.172 percent. But if you had a score of 500-579, the lowest bracket, you'd pay a whopping $2674 for that same mortgage, which would be at 10.188 percent. That's $842 more every month, $10,104 per year! These comparisons demonstrate how costly it is to have a low credit score and how much money a high credit score can save you.
The payoffs don't stop at lower interest rates on loans - with a high credit score you'll get quicker credit approval, reduced deposits required from utility companies, and approval for apartment rentals.