Skip to content

Well-informed middle

February 6, 2018 Approval Code Payday loan companies offer fast loans without credit bureau checking or reporting. They provide confidentiality, convenience and speed and this is now being picked up through the middle classes. These are turning in increasing numbers to payday loan companies to finance unexpected cashflow crises which they need addressed quickly and discretely.

A minimum of one payday advance company recently reported its clientele was consisting of 30 percent middle-class consumers. These consumers, with excellent credit, now choose a payday advance to protect their good credit ratings. With one late charge card payment, credit card providers may raise the APR up to a crippling 30 percent or perhaps higher! If this is reported towards the credit agencies, the credit history declines almost simultaneously. Then, when the information is shared among all of those other credit agencies and thence to the rest of the credit card providers, they too boost the APR and minimum payments to rates almost as high. Avoiding that certain missed payment by using a payday loan begins to look cheap.

Well-informed middle-class consumers with gleaming credit scores know the critical need to avoid that nightmare by never making even one late charge card payment. Consider this middle class couple that might just live close to you. They’ve always worked hard and kept up payments on their credit cards. They never even had to consider a payday advance for anything. Now, they only signed off on the new mortgage refinance loan using their bank. They have an excellent credit history however they need the new loan to finance their kids’ education. With interest levels still low, it’s time to money in some hard-won home equity and repay those credit cards also.

The bank’s home loan officer advised them never to take any credit advances or activate any new accounts or a single thing that may cause yet another credit check for the upcoming 60 days while the loan goes through. Which may lower their credit rating, and they may not have the loan or the interest they need. That, subsequently, might mean less cash straight back to the tune of tens or perhaps large numbers dollars.

Neither of those gets paid until the 30th and so they don’t have the money sitting in their account, although our couple’s next Visa payment arrives about the 26th. The payment is under $300, plus they only require it for a week. ALL their charge card interest levels could easily skyrocket when they miss the payment date. If they have ten credit card accounts and then make only one late payment for their first time ever, they could suddenly see all ten accounts check out default level interest and minimum payment levels. Fear strikes while they leave the financial institution.

For the first time, they consider a payday loan. They easily find a cash advance site on Google: they don’t even need to visit that awful payday loan shop across the street. A confidential pay day loan may make that payment tomorrow. Paying $25 to $100 dollars in interest is preferable to losing $10K to $100k! And, no-credit-check pay day loans will not be reported to credit agencies. Sometimes timeliness and privacy are worth more.

The center class couple have just worked the program, and it also pays.

From → Uncategorized

Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: