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Loans are needed at some point in a person’s life. Many milestone events or unforeseen events in themselves require immediate funds which may not be available at hand. This is where a loan comes into the picture as a relief.
Loans are generally required either for personal or business requirements. People take loans for the following reasons:
· Debt repayment,
Down payment for the house
· auto loan
Business Loan
· personal loan
paying income tax
Paying Credit Card Bills
Investment Plans
Many companies act as intermediaries between lenders and borrowers. These loan agencies find the right match of lender and borrower after considering what are the requirements and which party is willing to lend that particular amount. Typically the amount to be raised ranges from $50,000 to $200,000.
The advantage of these companies is that they are not as strict as banks in studying the creditworthiness of their customers. In fact, they openly advertise inviting people with bad credit, no credit, even bankruptcies to take advantage of their loans.
They have access to financial institutions, private lenders and even banks that are willing to lend.
credit score
Credit score is a numerical expression based on a balanced analysis of an individual’s credit record, which represents the credit worthiness of the individual. Lenders such as banks and credit card companies evaluate the potential risk displayed by these individuals when they apply for loans by studying their credit scores. In the present context, loan agencies are hardly concerned about the credit score of their customers.
Lending Norms
Customers must meet the following criteria
Be at least 18 years old
Provide proof of citizenship, such as a social insurance number
Have a bank account in your name
Provide work and home telephone numbers
· Provide a valid email address
Benefits of Cash Credit
Lower interest rates than payday loans
Credit score is not an issue.
Ease of getting loan
The payment plan can be from 6 to 60 months.
Borrowers are given a choice of lenders whose creditworthiness they can go through and choose which one suits them the most. Some of them are almost like loan search engines.
Ease of applying and finding a lender on the same day
Bad credit loans are also available (these are loans at very low interest rates for those who do not have a good credit history)
Special relevance of cash credit
These are very useful for paying off credit card debt. Banks refuse to give loans seeing outstanding credit and credit card companies keep charging high interest. A good way to pay for it would be with this cash loan where the rate of interest is much lower than the credit card charges, and the credit worthiness of the individual is not an issue.
It is the type of institution or agency that explicitly favors the borrower, and seeks lenders who are willing to understand their circumstances as they do.
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