Online Payday Advances: Get Your Cash Over the Wire
Online Payday Advances: Get Your Cash Over the Wire:
The most notable benefit of payday advances is that they are extremely fast and easy. A payday loan is a great solution when you need money quick. What many people may not know is that you can now complete these money transactions completely online.
It's important to note that online cash advance deals can be completely safe on a trusted site. Well-known lender names and substantial lending history are two factors to determine a reputable site. If you have unexpected money need, you can have your money quickly and without worry.
To secure an advance, most loan sites have similar guidelines. You have to be an 18-year-old US citizen or older, and you should have a valid bank checking account. Generally a company needs proof of employment or regular income that totals at least $1,000 monthly. As long as you're not actively in the armed services you should be eligible. Although many cash advance companies are similar, there are some differences in the requirements of each.
If you've made credit mistakes in the past, that doesn't prevent you from obtaining this type of loan. Bounced checks and overdrawn accounts are important to note but usually won't keep you from getting a cash advance. Some websites only serve the purpose to provide your information to an actual lender. The selection process on third-party sites may be more rigorous but still offers good chances for a loan.
If you've determined that you're eligible for a payday loan, the steps to sign a contract and receive your loan are really quite easy. First, make sure you trust your cash advance site. The first step is to read, fill out and send in the personal information form. Once a representative verifies your information by phone or e-mail, the application process is usually done. Occasionally there's a need to submit other information or forms. If you're approved, it won't be long until your cash is deposited electronically.
You can find the convenience of traditional cash advance businesses without leaving the comfort of your home. On the Internet the loan process requires very little effort. Online payday advances are technologically sound and can mean a lot for you.
Finally - Free credit scores on horizon:
The financial-reform bill that the Senate passed last week includes an amendment that would give individuals the right to see their scores if those numbers were used against them in a financial transaction.
In other words, if you were denied a mortgage or insurance, or had to pay more for either one because of your credit, you'd get to see the score that was used to make the decision.
This is a big deal, gentle readers. You've been able to see your credit reports, a history of what you've borrowed and how well you've repaid it -- for free since 2003, but the three-digit scores calculated from those reports have continued to carry a price tag.
Consumer advocates, including myself, have been pushing Congress to give people free access to their scores. But some proposals were mushy on the issue of which scores consumers would get to see.
Knowing the scores:
Not all credit scores are created equal, and the credit bureaus are famous for selling consumers "educational" scores that aren't widely used by lenders. And there are many variations of the FICO score, including versions tailored to auto, credit card, installment loan and finance companies that are rarely seen.
"There was a question whether they would wind up with a score that isn't the same one used by the lender or the insurance company," said credit expert John Alzheimer, who writes for Credit.com and who advised Sen. Mark Udall, D-Colo., in drafting this amendment. Under the amendment language, "you have a right to see the report and the score that was used. It's a transactional score versus an educational score."
This amendment falls short of the full disclosure I've called for in the past, which would be to ensure all consumers had free access to their FICOs, the credit scores used by most lenders. Free FICOs, by the way, is a concept supported by Fair Isaac, the company that created the FICO scoring formula, and vigorously opposed by the credit bureaus that want to sell you those other scores.
But this financial-services amendment is a better deal in some ways. If the amendment becomes law -- it has to survive the reconciliation process, in which the Senate's reform bill is merged with the one passed by the House -- it will expand dramatically the universe of relevant scores to which you'll have access if your scores cause you a problem.
"In the past, (scores like the FICO auto version have) been like a unicorn. People talked about it all the time, but nobody had actually ever seen it," Alzheimer said. "Now you'll get to see the unicorn."
The world of insurance scores is even more diverse. No one formula dominates this industry, as FICO does lending, and many of the largest insurers have their own proprietary scores. Seeing these numbers could start to peel back the mystery of insurance scoring, just as access to FICO scores a decade ago started cracking open the credit-scoring vault. As more people learned their FICOs and how important they were, the pressure mounted for the score's creators to disclose more about how they worked, and today we know far more about the inner machinery.
The other nice thing about the amendment is that it would neatly cut out the credit bureaus, the companies that have made getting your free annual credit reports such a circus.
The bureaus that run the federally mandated site, AnnualCreditReport.com, pelt you with advertisements trying to get you to buy scores and credit monitoring when you're just trying to get your free reports. Visit: http://market-timing.org for other
The most notable benefit of payday advances is that they are extremely fast and easy. A payday loan is a great solution when you need money quick. What many people may not know is that you can now complete these money transactions completely online.
It's important to note that online cash advance deals can be completely safe on a trusted site. Well-known lender names and substantial lending history are two factors to determine a reputable site. If you have unexpected money need, you can have your money quickly and without worry.
To secure an advance, most loan sites have similar guidelines. You have to be an 18-year-old US citizen or older, and you should have a valid bank checking account. Generally a company needs proof of employment or regular income that totals at least $1,000 monthly. As long as you're not actively in the armed services you should be eligible. Although many cash advance companies are similar, there are some differences in the requirements of each.
If you've made credit mistakes in the past, that doesn't prevent you from obtaining this type of loan. Bounced checks and overdrawn accounts are important to note but usually won't keep you from getting a cash advance. Some websites only serve the purpose to provide your information to an actual lender. The selection process on third-party sites may be more rigorous but still offers good chances for a loan.
If you've determined that you're eligible for a payday loan, the steps to sign a contract and receive your loan are really quite easy. First, make sure you trust your cash advance site. The first step is to read, fill out and send in the personal information form. Once a representative verifies your information by phone or e-mail, the application process is usually done. Occasionally there's a need to submit other information or forms. If you're approved, it won't be long until your cash is deposited electronically.
You can find the convenience of traditional cash advance businesses without leaving the comfort of your home. On the Internet the loan process requires very little effort. Online payday advances are technologically sound and can mean a lot for you.
Finally - Free credit scores on horizon:
The financial-reform bill that the Senate passed last week includes an amendment that would give individuals the right to see their scores if those numbers were used against them in a financial transaction.
In other words, if you were denied a mortgage or insurance, or had to pay more for either one because of your credit, you'd get to see the score that was used to make the decision.
This is a big deal, gentle readers. You've been able to see your credit reports, a history of what you've borrowed and how well you've repaid it -- for free since 2003, but the three-digit scores calculated from those reports have continued to carry a price tag.
Consumer advocates, including myself, have been pushing Congress to give people free access to their scores. But some proposals were mushy on the issue of which scores consumers would get to see.
Knowing the scores:
Not all credit scores are created equal, and the credit bureaus are famous for selling consumers "educational" scores that aren't widely used by lenders. And there are many variations of the FICO score, including versions tailored to auto, credit card, installment loan and finance companies that are rarely seen.
"There was a question whether they would wind up with a score that isn't the same one used by the lender or the insurance company," said credit expert John Alzheimer, who writes for Credit.com and who advised Sen. Mark Udall, D-Colo., in drafting this amendment. Under the amendment language, "you have a right to see the report and the score that was used. It's a transactional score versus an educational score."
This amendment falls short of the full disclosure I've called for in the past, which would be to ensure all consumers had free access to their FICOs, the credit scores used by most lenders. Free FICOs, by the way, is a concept supported by Fair Isaac, the company that created the FICO scoring formula, and vigorously opposed by the credit bureaus that want to sell you those other scores.
But this financial-services amendment is a better deal in some ways. If the amendment becomes law -- it has to survive the reconciliation process, in which the Senate's reform bill is merged with the one passed by the House -- it will expand dramatically the universe of relevant scores to which you'll have access if your scores cause you a problem.
"In the past, (scores like the FICO auto version have) been like a unicorn. People talked about it all the time, but nobody had actually ever seen it," Alzheimer said. "Now you'll get to see the unicorn."
The world of insurance scores is even more diverse. No one formula dominates this industry, as FICO does lending, and many of the largest insurers have their own proprietary scores. Seeing these numbers could start to peel back the mystery of insurance scoring, just as access to FICO scores a decade ago started cracking open the credit-scoring vault. As more people learned their FICOs and how important they were, the pressure mounted for the score's creators to disclose more about how they worked, and today we know far more about the inner machinery.
The other nice thing about the amendment is that it would neatly cut out the credit bureaus, the companies that have made getting your free annual credit reports such a circus.
The bureaus that run the federally mandated site, AnnualCreditReport.com, pelt you with advertisements trying to get you to buy scores and credit monitoring when you're just trying to get your free reports. Visit: http://market-timing.org for other
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