The term “credit score” is used all the time for any type of financial applications or services. The credit score of an individual in Florida is used for approval to have a credit card, to make a home or vehicle purchase, or sometimes even when applying for a job or an apartment.
Credit Scores and Borrowing Potential
People fall into one of several possible categories for credit scores. They may be excellent, which is typically 800 or above, with the top score being 850, very good credit, which is 740 to 799 and good credit, which is 670 to 739. Below 669 credit scores may be rated as fair, poor or very poor.
Loans for people with bad credit, which are often those at 620 and below, can be extremely difficult to access through traditional types of banks. These are also credit scores which make being approved for a credit card extremely difficult as lenders consider these scores as an indicator of a high risk for default on payments.
Short Term Loans
This does not mean that people with low credit scores cannot obtain short term loans. Payday advances are the ideal loans for people with bad credit as they do not require a credit check. Instead, these loans rely on current employment to demonstrate the individual has the ability to repay the loan.
When choosing short term loans for people with bad credit, check the reputation of the payday lender. Top companies work closely with borrowers to make the process completely transparent and to provide up to $500 of immediate cash upon approval.
The choice of payday loans for those in Florida requiring money to pay for unexpected and unplanned for events saves the challenges of going through a loan approval process.
