We all have had a moment in life when we needed cash fast. But don’t let your bad credit and the pressure of a cut-off notice, or a check engine light make you choose the wrong type of loan for you! Some might be surprised to know that there are many different loan products available to consumers. Because Till is committed to truth and transparency in lending, please allow us to share with you how choosing the wrong loan can leave you back at square one, and how Till will help you meet your short-term financial needs without draining your budget.
Installment Loans
At Till, we offer short-term installment loans. This means we can get you that cash you need FAST, even with bad credit, and you repay over a short period of time. We use “Simple Interest” to determine your finance charge for these fast personal loans. It is a fixed rate and will never go up. This means the interest is accrued on a daily rate, and each repayment you make goes toward interest and your principal. When you work with Till to get loans with fixed rates you are guaranteed transparency. You will not have to deal with any hidden fees or additional charges. Because we choose to use this structure, you can pay your loan back early with no penalties, and you only pay for the interest that has been accrued so far!
Till VS The Other Guys
Other big lenders offer installment loans like we do, and the interest is seemingly low. However, when you look closer, you’ll find these loans are repaid over a long period of time. Rather than a six months, they could stretch years. What you might not realize after signing your loan agreement, is that smaller payments over an extended period is actually costing you way more in the long run. When you need cash for a short-term need, you don’t want to be paying for it three years later!
Payday Loans
Then there’s the payday loan. Traditional payday loans are structured short-term but can have APRs as high as 600%! Not only that, if you choose to repay your loan early, you’re still required to pay the entire finance charge. In other words you gain little by responsibly paying off your loan early. Imagine borrowing $500 to get you through until payday just to find out you still have to pay $1,000 – even though you’ve only had the cash for a week!
No one wants to ask for bad credit cash forever so improving your credit score is important. Getting a loan with bad credit can be tough wherever you go because lenders use credit scores to help assess the level of risk associated with borrowers. When it comes to applying for a mortgage, a car loan, a credit card, or any other loan, your credit score can save you money if it is high or cost you money if it is low. Understanding your score is the first step to improving it if necessary or maintaining it if it already is healthy.
When you’re working to build or rebuild your credit history, how you use credit is everything. You must use credit the right way to build and maintain a good credit score. Unfortunately, credit cards don’t come with a manual telling you how to use them responsibly. You may have already learned the hard way about the devastating effects of credit misuse, but it’s never too late to start over.
