Many of us think of the person who take out payday loans to be lowly educated and of certain social status but there are also many who have a college education and have to turn to payday loans due to their existing student loans or simply that they have a bad credit score. Joan is one such lady who have just made the transition from college to working life but is stuck with a bad credit score.
Joan and Her Story
Living with a bad credit score truly is a Catch-22 situation. No bank will clear you for a loan plan because to them, by virtue of your poor credit score you’re an irresponsible, no-good, defaulting knave. Incidentally, the only reliable way to improve a bad credit score is to consistently take up loans and repay them punctually so that your financial track record shows that you’re the kind of person that can be trusted with funds. But attempt just that, and you’ll soon find that you’ll never get any such chance to do so. Because no sane financial institution will offer you a loan by virtue of…well, you get the idea.
Welcome to my world. Making the transition out of college and being freshly inducted into the world of full-fledged adults is a scary enough proposition on its own, even more so when you find yourself unable to rent a decent apartment because you’re short of funds. The kicker is that my credit score isn’t even bad, it’s non-existent. I’ve never had to take up a loan (bless good old mom and dad, student loans are a terrible world to dabble in) and never saw the need for anything beyond a debit card. But simply thanks to the fact that I have no credit score to speak of, no bank is prepared to entertain any loan requests from a woman who wants fast loans for bad credit; unless it’s the kind with unholy levels of fees tacked on. The very kind that I am in no position to pay off and could ironically, leave me with bad credit.
Still, no one wants to be the one who has to resort to living with their parents, and it’s not like banks are the only source of loans out there. To that end, I began looking at what private lenders were prepared to offer. The vast majority of these were unsurprisingly payday lenders, and they usually offer no more than several hundred at a time. I required a more substantial figure than what they were prepared to offer, and honestly, even if they were prepared to do just that, I’d still be wise enough to give such lenders a wide berth all the same. I didn’t merely require a sizable sum (roughly $2000, to see me through a few months of rent), I also needed a forgiving repayment plan that would accommodate the modest funds I could feasibly pay back at a time.
Personal Loans with Bad Credit
After another afternoon of careful but monotonous trawling, one of the search hits caught my eye when the in-line advertisement mentioned installment payments. Installment payments allow the loan to be broken up and repaid in smaller sums over a longer duration as opposed to a lump sum repayment made immediately at the end of the loan duration. This was right up my alley, and the icing on the cake? My credit score (or lack thereof) wasn’t a veto factor because they entertain people who need personal loans with bad credit scores. I quickly hit the link and gave CashMojo.com a closer look.
First impressions were pretty good. Cash Mojo deals with loans of $10,000 or more so my desired $2,000 was well within their parameters. And again, I was reminded that my credit score wouldn’t be an issue and loans would be approved within the same-day regardless of variant. It all sounded pretty good, no doubt.
Well, fact of the matter is, it sounded a little too good. 4 years of college tends to make jaded and cynical individuals out of even the cheeriest of men and women, and I wasn’t going to go in blind, being full aware of the many frauds and scams that permeate the industry. I once again fired up the ever-stalwart Google search engine and began my investigations. Surprisingly, Cash Mojo checks out pretty well. Be it individual or panel reviews, the site came out consistently well-received in terms of service and legitimacy. There was certainly no shortage of testimonials from satisfied clients vouching for their reliability, and this struck positive notes with me. Many vouched for Cash Mojo to be one of the great short term lenders in an industries plagued with scams. A quick look at the business’s history also performed similarly well. Cash Mojo turned out to be a pretty well-established short terms loans lender, which is rare considering the high turnover rate of many businesses in the industry, and is backed by an impressive roster of reputable firms such as PanAmerica, Thatwe and Springleaf. Satisfied with my findings and pretty much convinced, I decided I was ready to commit and returned to CashMojo.com.
Registration was a simple affair, they mainly requested trivial contact details and only the last 4 digits of my social security number (SSN). I would have backed out if they asked for my full SSN as identity theft is common practice amongst the shiftier lenders, and I wasn’t going to risk it either way. Beyond that, the process was fuss-free and easy. I stipulated the $2,000 required, and the loan period I was comfortable with. While credit score wasn’t a veto factor, they do request for it all the same as a better score allows borrowers better rates. That said, poor scores are still nonetheless eligible for approval, just as advertised. The interest I could expect to be paying given the current specified terms was immediately generated upfront, a feature I appreciated – when it comes to financial transactions I always welcome as much transparency as they’re prepared to give. While the rates do indeed come steeper than traditional bank loans, it was still in exchange for expedited approval and for turning a blind eye to my credit score. In any case, it was still infinitely more reasonable than the astronomical rates that standard payday lenders demand. A fair deal all said and done. The whole process took less than 10 minutes and soon all that was left was to wait.
Fast Cash Loans
Turned out, I didn’t have to wait very long. 21 minutes later, I was surprised by a notification stating that my account had been credited with the very $2,000 I had requested for literally less than half an hour ago. Granted, I did verify their track record before taking up a loan from them, but all the same, in this economy it is still very rare to encounter a business that actually delivers as promised. Moreso when you’re dealing with the private lending industry, little more than a de facto breeding ground for scams and frauds. Most payday lenders brazenly tout same-day approval but in reality just take gross liberties with the semantics. While the loan is indeed approved on the same day, it can take as long as a week for the funds to materialize in the borrower’s account due to “administrative processes”. These are thinly veiled excuses for the lender to conduct the very credit check they were supposed to skip, just so they know just how much interest they’re entitled to charge. And boy, they aren’t shy about it, for it isn’t rare to hear of annual repayment rates (APRs) to go into the three figures range. All this makes Cash Mojo’s services all the more impressive in retrospect, it was reliable, upfront and efficient – and this was more than enough to distance it from its competition. It makes one wonder why more lenders can’t function the same way.
Thanks to the newly acquired funds I’ve been able to put down the first month’s deposit for a decent apartment nearby Central Park. The very reasonable installment plan stipulated under the loan’s terms enable even a fresh graduate like me to be confident in making punctual repayment. All in all, borrowing from CashMojo.com was a positive experience and I’m both grateful for and impressed by their services.