Posts tagged with "Your Loan Depot"

The Differences Between Unsecured Loans and Secured Loans

When you need money that goes beyond your normal income, a personal loan can be a great option.

There are many possible reasons as to why you may need money that exceeds your normal income. Maybe you’re first born is graduating from high school, and you want to make sure they start college off with a nice laptop. Or, maybe the situation is much more dire, like a flooded basement that requires emergency water removal and water damage repair. Whatever the reason though, there’s a strong possibility that you’ll be able to find the money you need with a personal loan. There are essentially two basic kinds of personal loans you could apply for — unsecured and secured — and today, Your Loan Depot will go over the main differences between the two.

What are secured and unsecured loans?

In many cases, when you apply for a loan, it’s for something specific, like a car or a home. But, with a personal loan, you can used the funds for almost anything, which makes them ideal if you’re facing a financial emergency of some sort. Secured loans are loans that are backed by collateral, like a savings account, the title of your car, etc.; whereas, unsecured loans are based on your ability to repay the loan, as well as your credit worthiness.

Now that you know that basics of what secured and unsecured loans are, it’s time to learn about a few of the main areas where they differ.

Lending Criteria

Though the lending criteria will be dependent on the financial institution you choose to go with, there are certain requirements that apply to most lenders. In order to qualify for an unsecured loan, you have to be able to prove that you can afford the payments and that you’re responsible enough to take care of the loan. This is largely based on your credit history, and in many cases, if you have a credit score lower than 680, lenders won’t approve you for an unsecured loan.

Secured loans, on the other hand, are much easier to qualify for. Thanks to the collateral that is put down, lenders are able to offer secured loans to a wider range of people than they would with unsecured loans. This makes it possible for companies to lend to people with no or bad credit.

Costs

The costs of a loan are largely due to the interest rates — though, you should also be aware of any applicable fees — and you should always consider the costs before applying for a personal loan. In terms of cost, secured loans are generally the most affordable options. The collateral you put down helps to shield the lender in case you default on your loan, which means that lenders can afford to lower their interest rates a bit for secure loans. If you’re looking at a short-term secured loan, like a title loan, keep in mind that you’ll probably have a higher than standard interest rate, but because these loans are paid off so quickly, you end up paying less in interest over the course of the loan.

What Happens if You Default?

If you were to default on a secured loan, then your lender has the right to seize your collateral, and they can do so without having to go to court first. However, most lenders will work with you to prevent you from defaulting on your loan. With an unsecured loan, defaulting could still cause you to end up having to give up some of your property, but before that can happen, your lender would be required to sue you and win a court judgement first.

When to Use it

Due to the requirement of a good credit score and solid credit history, unsecured loans are best for people with a strong credit score. Unsecured loans are great options if you’re looking to consolidate other debt, take on a major home improvement project or pay for your child’s tuition. Secured personal loans are best for people who may not have the best credit score or history, but need money in the short-term to cover expenses. Secure loans, like title loans, are ideal when you need quick cash for a financial hardship or emergency.

Find the bad credit loan you need with Your Loan Depot today.

Although unsecured loans are harder to qualify for and cost more than secured loans, they are much more common than secured loans. In fact, most banks don’t even offer secured loans. If you have bad credit — or no credit at all — and you need fast cash, don’t waste your time trying to get an unsecured loan through your bank or credit union. Instead, turn to Your Loan Depot in Mansfield. We offer title loans and payday loans, helping to bridge the gap between paychecks and cover financial emergencies. Stop by one of our many locations in Texas today to apply, or contact us to learn more.

The Most Common Financial Emergencies Americans Face Part 2

There are so many potential financial emergencies you could find yourself faced with.

You never know when a financial emergency could come up, leaving you struggling to find the cash that you need. At Your Loan Depot in Stephenville, we know how devastating a financial emergency can be, and the last thing we want is for you to have to live on Ramen Noodles or hot dog water soup because your emergency left you unable to put food on the table. That’s why we’re here to provide you with fast cash loans when you need them most. In our last blog, we touched on several financial emergencies Americans face every day. Here are a few more:

#6. Vehicle Expenses

Unfortunately, in most American cities, public transportation is inadequate. This is especially true if you work a job with irregular hours or you live in a rural area. That means that many Americans rely heavily on their vehicle to get them around, and if an unexpected expense comes up with your vehicle, it can be difficult in more than one way. For instance, if your car were to break down and it needed an expensive repair to fix, or it is beyond repair and will require replacement, not only will you have to figure out how to get the money for the repair or replacement, but you’ll also have to figure out how to get around in the meantime.

#7. Unexpected Travel

When most people think of travel expenses, they imagine luxury vacations on the beach, but not all travel is planned, nor is it all enjoyable. In some cases, you may find yourself with the need to get travel across the state, the country or the world at a moment’s notice, like if a relative gave birth or got sick. Airfare is expensive enough when you have the luxury of planning in advance, but it can be downright debilitating if you find yourself having to buy a last-minute plane ticket due to a medical or family emergency.

#8. Surprising Tax Bill

The good news is that most of us don’t have to think about filing our taxes any time soon, but when the time comes, an unexpectedly high tax bill can leave you scrambling to cover all of your expenses, especially if you were expecting a refund and ended up with a bill instead. This is expected to be a larger than average problem in 2019. The new tax law that went into effect in 2018 has allowed more workers to see more income on their paychecks, but there is a concern that many employers may not be deducting enough, leaving many more people unexpectedly owing taxes.

#9. Emergency Pet Care

Some people may scoff at the idea of pet care being a financial emergency, but most people understand how important pets are to their families. In fact, most pets are important members of the family, just like everyone else! But, if you’ve ever had to take your pet to the emergency veterinarian during off-hours, like overnight or on the weekends, we don’t need to tell you how expensive it can be. And, even if your pet is able to go to your regular veterinarian, an emergency surgery or another emergency treatment could set you back thousands of dollars.

#10. Sudden Move

There are many possible reasons as to why you may need to move out of your house unexpectedly. Maybe you’re renting your home month to month, and your landlord decided that they’d rather sell it instead. Maybe there was a gas leak or another emergency that makes living in the home unsafe for the time being. Or, maybe you can no longer afford the mortgage or rent payment for some reason. Whatever the reason, an unexpected move can be incredibly expensive and stressful, leaving you to figure out how to make it work while still putting food on the table.

When you’re facing a financial emergency, let Your Loan Depot help you find the cash you need.

In this blog series, we touched on 10 common examples of financial emergencies, but there are many more possible emergencies you could find yourself facing. No matter what kind of financial emergency you’re faced with, though, you’ll find the fast cash loan you need in Stephenville with Your Loan Depot. Contact us today to get started.

The Most Common Financial Emergencies Americans Face

Unfortunately, Americans face financial emergencies every day.

No matter how predictable and routine your life may be, all it takes is one emergency to flip it on its head. The truth is that you never know what life will throw at you; all you can do is to be as prepared as possible. But, the unfortunate reality is that many Americans simply don’t have the savings to weather the financial ramifications of most emergencies. Stagnant wage growth, high rent and lots of debt make it almost impossible for many people to scrounge enough money together to save enough to cover even a $400 emergency. But, the good news is that Your Loan Depot is here to provide you with the emergency fast cash loans you need in Stephenville and throughout Texas. Here are a few of the many financial emergencies we can help you through:

#1. Job Loss

Regardless of whether you are the one who lost a job or your spouse or partner did, it can be devastating. For most of us, our jobs are our biggest source of income, and that income is not easy to replace. Your best bet in a situation like this is to secure another position right away, but that’s not always possible. Sometimes, a short-term loan, like a title loan, is a great option to help you make ends meet until you are able to start getting paychecks again.

#2. Increase in Cost of Living Expenses

If you rent your home or have a flex-rate mortgage, then a fluctuating economy could quickly leave you with a monthly payment that is much harder to make. Or, if say the cost of gas went up, you may find yourself with higher utility bills than you’re used to and you may not be able to afford them. No matter the case, an increase in your living expenses can be hard to cover, especially if you’re already on a tight budget.

#3. Medical Expenses

In the United States, one in five working-age Americans who have health insurance have trouble keeping up with their medical bills. The rates of uninsured Americans who have trouble paying their medical bills are even higher, at about 53 percent. Whether or not you have insurance, a large medical bill can be crippling. Unexpected bills, typically resulting from a sudden injury or illness, tend to be the most troublesome for Americans, but even medical bills that you expect, like the ones you get from long-term treatment, can make it difficult financially for many people.

#4. Natural Disasters

On August 25, 2017, Hurricane Harvey hit Texas, leaving behind $125 billion in damage and taking the lives of 88 people. The flooding from the hurricane alone forced about 39,000 people to evacuate their homes. Many of the victims of Harvey undoubtedly faced severe financial hardship, even if they had flood insurance. But, not every natural disaster has to be this extreme to put Americans in a difficult financial situation. Even something as simple as roof damage caused by hail or a flooded basement after a rainstorm can put a family in a dire financial situation.

#5. Household Repairs

When household emergencies happen, they can leave Americans with huge repair bills that can be difficult to afford. While some of these repairs may be able to wait a few months for you to save up the money, some of them require immediate attention. For example, if your hot water heater were to break, it’s not really something you can afford to live without. You need hot water for everything from doing the dishes to taking showers, and you’ll be looking at spending up to $900 for a new hot water heater, plus another $200 or so for installation. Considering that 40 percent of Americans don’t even have $400 set aside for an emergency, you can bet that $1,100 will be difficult to come up with.

When you need fast cash for a financial emergency, you need Your Loan Depot.

No matter what kind of financial emergency you’re facing, turn to Your Loan Depot. We offer payday loans and title loans that can help you get the money you need when you need it most. Best of all, we can work with almost anyone, even if you have a bad credit score.

Contact us today about applying for a fast cash loan in Stephenville, and stay tuned for our next blog to learn about more common financial emergencies Americans face.

The Myths About Title Loans Part 2

Don’t let the many myths about title loans hold you back from getting the fast cash you need in an emergency.

Whether you’ve dealt with a medical emergency that makes it difficult to work, you’ve just lost your job or you’re in the midst of dealing with a different kind of emergency, chances are, you’re going to need access to some cash, and quick. Luckily, with a title loan in Corsicana from Your Loan Depot, you’ll have the quick cash you need to bridge the gap between paychecks or until the time another source of income comes in. But, the downside is that many people don’t even attempt to take advantage of these kinds of loans because of the many myths surrounding them. That’s why, in our first post in this series, we debunked the top four myths about title loans. Keep reading to learn the truth about more myths:

Myth #5. A title company’s main goal is to acquire your vehicle.

Title loans companies have a bad reputation, and unfortunately, much of this bad reputation stems from false or unfair beliefs about the goals and practices of title loan companies. But, it’s important to know that, while there may be some unsavory players out there, if you’ve found the right title loan company, like Your Loan Depot, you’re working with a lender who just wants to help. Of course, like any company, a title loan company wants to make a profit, but at Your Loan Depot, our first priority is to help you get fast cash and pay off your loan on time. Defaulting on your vehicle is the only way to lose it with a title loan, and we’ll work with you throughout the process to help to prevent a default.

Myth #6. If you get a title loan, you’ll be in debt for the rest of your life.

This is another one of those myths that make title loan companies seem like the bad guy, but you’ll be glad to know that it’s simply not true. A title loan is not designed to put you in a cycle of debt for the rest of your life. It’s simply designed to get you the quick cash you need when you don’t have the time or the resources to go with a traditional loan. And, title loans are designed to be paid back quickly, allowing you to get through the life of the loan faster so that you can get back to your day-to-day life.

Myth #7. Anyone can qualify for a title loan.

As we mentioned in our last blog, when you put down the title of your vehicle as collateral, it provides the title loan company with an extra level of protection, which allows them to open up their requirements for loan approvals. This makes it possible for title loan companies to lend to a wider customer base, many of whom might not be able to meet the requirements of a standard loan from a bank or a credit union. It’s for this reason that title loans are ideal for people who have poor credit scores and cannot qualify for a traditional loan; however, this doesn’t mean that every single person who applies will be approved. Although the requirements are less stringent than traditional loans, and that title loans are easier to qualify for, they are still subject to approval, and you’ll still need to be able to prove that the payments of the loan will be affordable to you and that you’ll be able to pay them.

If you’re unsure about whether you will be approved or not for a title loan, it doesn’t hurt to apply.

When you need fast cash, you need Your Loan Depot.

We hope that this blog series has helped to set the record straight about some of the most common myths about title loans, but if you are still concerned or have additional questions, you can always feel free to stop by our Corsicana location or any one of other other locations in Texas. We’re happy to answer your questions and address your concerns, and our experts can also help you determine which loan will work best for you. Contact us today to take the first step toward getting the fast cash you need.

The Myths About Title Loans

There are many myths surrounding title loans.

If you’re facing a financial emergency of any sort, a title loan may be the right fast-cash loan you need to make ends meet. However, there are a lot of myths out there about title loans that prevent people who could truly benefit from them from ever applying. At Your Loan Depot, we know just how valuable a title loan in Corsicana can be when you’re in a financial bind, and that’s why we’ve set out to reveal the truth about the most common title loan myths.

Myth #1. You’ll have to give up your car for the term of the loan.

Many people believe that, in order to qualify for a title loan, they will need to give up their actual vehicle as collateral for the term of the loan. But the reality is that, when you apply for a title loan, your title is handed over to secure the loan, not your actual vehicle. At Your Loan Depot, we understand that you have to be able to get around, and we will not require you to give up your vehicle. The only way you could end up having to give up your vehicle is if you default on the loan, but rest assured that we’ll work with you to prevent that from happening if you believe you are at risk of defaulting.

Myth #2. You have to have a good credit score to qualify.

With the vast majority of other loan types, you’d need at least a decent credit score to qualify, but luckily, that’s not the case for title loans from Your Loan Depot. Your vehicle’s title give us the collateral we need, which gives us more freedom to offer credit to those who have less than stellar credit. That’s not to say that every single individual who applies for a loan will be approved, but we have the unique ability to lend to people, even if they have a bad credit score. If you need cash, but your credit score is holding you back, don’t hesitate to apply for a title loan with Your Loan Depot.

Myth #3. Title loans have egregiously high interest rates.

Title loans aren’t like regular loans, which are approved based on your credit score, financial history, income, etc. When you put your vehicle’s title down as collateral, you’re providing the title loan company an extra level of protection that allows them to widen the parameters of the loan approval process, allowing people who wouldn’t traditionally be able to get a loan to actually secure the money they need. Because title loans have wider parameters for approval, they do typically have higher interest rates than normal loans, but that’s not the whole story. Title loans are designed to be short-term loans that are paid off quickly, which means that you won’t pay nearly as much in interest over the life of the loan. Plus, there are many factors that determine your interest rate, including the collateral you put down and how much the loan is for.

Myth #4. You have to own a car in order to get a title loan.

Need fast cash for a financial emergency but you don’t own a car? Don’t give up hope, because you might still be able to get the loan you need. At Your Loan Depot, not only do we accept titles for cars and trucks, but we also accept titles for mobile homes. And, if you don’t have a title for a car, truck or mobile home, you may be able to find the cash you need with a payday loan.

Are you in need of a title loan in Corsicana?

If so, look no further than Your Loan Depot. We’re proud to be your go-to title and payday loan company, and we’re confident that we can help you find the cash you need when you need it most. Be sure to stop in at our store in Corsicana, or any one of our other Texas locations, to apply today. You can also apply online!

Would you like to learn the truth about more common myths about title loans? If so, make sure that you stay tuned for our next blog!

How Is Your Credit Score Calculated?

Your credit score reflects the health of your credit history, with a higher number being better. Anything above 700 is good. If your score is below 580, many lending companies will not give you a loan. Before you can improve your score, you need to have a better idea of how it’s calculated.

Primary Considerations That Go Into Your Score

The first thing you need to know is that there are three major bureaus that calculate your credit score. They are Equifax, TransUnion, and Experian. Don’t be surprised to find that each of these companies has calculated a different score for you; that’s because each company uses its own model for determining your score. But there are several key components that go in regardless of the model used, components that you actually have a great deal of control over.

The main considerations are:

  • Credit Card Accounts: How many different credit card accounts do you have? Don’t just consider your main cards, like Discover or Visa. Factor in all the store credit cards you’ve acquired as well. When it comes to your credit score, having too many cards can be harmful.
  • Current Loans: Do you have many loans that will take a long time to pay back? If you have mortgages, student loans, car loans, and others, you’ll want to try to pay at least some of them down significantly to improve your credit score.
  • Payment History: Do youmake your payments on time? If you’ve never missed a payment, your score is likely pretty good.

 

Some Additional Important Factors

Another consideration is the length of your credit history. If you’ve just opened your first credit card account, you won’t have much of a credit history yet. But don’t worry — in a few months or so, your history will build and your score will reflect your credit picture more accurately.

Another factor that affects your score is whether or not your credit cards are maxed out. Lenders want to see that you are able to pay your balances, at least the minimum that’s due each month. Also, if too many different agencies are inquiring about your credit all at once, your score can go down, at least temporarily.

What Can Hurt Your Credit Score

Of course, missing payments is a biggie. Late payments stay on your credit reports for years. Also, watch the spending and repayment habits of anyone who shares your account, such as a spouse. If they’re handling their credit cards irresponsibly, their scores will drop — and so will yours.

Read our previous post, What Hurts Your Credit Score, to find out what else can cause your score to drop.

Ways To Boost Your Score

You’ll be happy to know that there are many ways to increase your credit score. We can’t stress this enough: pay as much of your balance as you can every month, and make sure that all of your payments are received on time. Start to do this consistently, and watch your score improve steadily.

Another way to boost your score is to curb your spending to give you a chance to catch up with payments and reduce your balance. In addition, stop applying for every credit card offer that comes your way; each new credit card application brings your score down.

When You Need Money Fast

When you need cash quickly, such as for an emergency, but your credit score is keeping banks from lending you money, consider a payday loan. This type of loan is considered short-term, and it’s designed to get you through unforeseen circumstances until your next paycheck comes in.

Payday Loans In Texas

At Your Loan Depot, we specialize in fast-cash loans that help people with good credit, bad credit, and everything in between access funds quickly for emergencies and unexpected expenses. Our payday loans and title loans can be just what you need to pay for an emergency now, which can be a big help in between paychecks.

Fill out our payday loan application online to get started. If you have any questions, give us a call. The courteous representatives at Your Loan Depot will answer your questions and explain any terms you may not understand. We are here to help you through whatever financial emergencies you may encounter. We have several payday loan locations throughout Texas to serve you, including our offices in Stephenville, Corsica, Mansfield, and Houston. Get in touch with us today!

Most Americans Don’t Have The Savings To Cover An Emergency — Do You?

The Unexpected Emergencies In Life

Emergencies come up when we least expect them and they can take many different forms. They include sudden illnesses that requires immediate medical attention, or we may incur high costs associated with a trip to the emergency room and overnight stays at a hospital to care for injuries following an accident.

An unexpected emergency can be the heat suddenly going off on the coldest day of the year on the weekend when most HVAC businesses are closed. The charges for a specialist coming in on a Sunday afternoon on short notice to get your heating system working again will add up quickly.

There are many other possible emergencies we can experience, and sometimes we may even go through multiple emergencies in a single month, depleting our savings and setting us back financially.

The Money In Your Savings Account May Not Be Enough

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Medical bills can easily run into the thousands of dollars, exceeding what many Americans have at any given time in their savings accounts. According to a recent story in MarketWatch, most Americans don’t even have $1,000 in savings. In fact, about 62% of Americans have less than this amount in their savings account.

If you don’t have health insurance, a medical emergency can cost you way more than what you have in savings. Even if you do have adequate health insurance, your out-of-pocket expenses may still exceed what you have saved up.

Other emergencies can drain your savings too. If your car engine suddenly dies, auto mechanic repair costs can easily run into the thousands of dollars. A new water heater can cost over $900. If at the same time that you need that new water heater, your child suddenly develops a painful toothache and requires emergency dental services, your unexpected expenses for the month can quickly rise above your current savings.

When You Need Money Fast

There may be few options for you when you need money fast and you don’t have enough savings to cover your unexpected expenses. You can pay with a credit card, but your interest rate may be very high, or your limit may prevent you from covering the entire cost. And if you have bad credit, you may not even be able to use a credit card when you need it the most.

You can borrow from family members, but they may be experiencing their own financial hardships. Besides, borrowing from family can sometimes lead to strained relationships and other issues that you’ll want to avoid.

Another option is to take out a loan. At Your Loan Depot, we have programs in place to help you get the cash you need fast to pay for unforeseen expenses. We specialize in payday loans and title loans that can get cash into your hands quickly to cover emergencies.

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Fast-Cash Loans In Texas

If you live in Texas, you’re in luck — Your Loan Depot has several locations to serve you. Get in touch with the office nearest you, whether it’s in Mansfield, Corsicana, Houston, Stephenville, or any other one of our convenient locations. Our fast-cash loans for Texas residents are easy to qualify for, and our knowledgeable staff is ready to answer whatever questions you may have. Apply today!

Do You Qualify For A Title Loan?

What Are Title Loans?

A vehicle title loan lets you use your car or other big-ticket item, such as your motor home, as collateral to help you secure the loan. Alternately, you can use your truck; title loan companies accept a wide range of vehicles as collateral, from what you use to get to work each day to what you use on your time off for recreational purposes. In other words, you’re using something of value that you own to insure your loan. With auto title loans, you’re free to keep using your vehicle as long as you’re paying back the loan on time and you do not default.

Auto title loans are typically short-term loans. The amount you borrow has to be paid back within a relatively short period of time, usually within a year, and in some cases, as quickly as within 30 days. These types of loans tend to be used for emergencies, when you need funds quickly but you’re able to repay the full amount in the not-too-distant future.

How They Work

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You present the title of your vehicle to the lender, who holds it as a form of insurance until you finish paying back your loan. Once your loan is paid back in full and all the terms are met, your obligation to the lending company is fulfilled, and your title is returned to you.

It’s very important that you make your payments on time and closely follow the terms of your loan. If you fail to meet your obligations, the lending company will not return your vehicle title. In fact, after a period of non-payment on your part, the lender can take your vehicle and sell it to pay the balance of your debt and recover any losses. So, make sure to pay your monthly installments on time to avoid losing your car or other vehicle. As long as you’re fulfilling your end of the deal, the car is yours to use throughout the duration of the loan, and the title will be returned to you once you’ve repaid the loan amount, interest accrued, and any associated fees in full.

You can read more about how title loans work in our previously published post on this subject.

Do You Qualify?

In order to qualify for a title loan, the vehicle you’re planning to use as collateral has to be in your name and it must be free of any liens. Title loan companies would also like to see proof of monthly income to show that you’ll be able to pay back the loan within the agreed-upon terms. You’ll likely need to supply references who can attest to your character and ability to repay.

Other criteria varies from one state to the next, so your best bet is to contact Your Loan Depot to ask about the requirements here in Texas. What’s more, laws change periodically, possibly affecting whether or not you qualify, so check with us if you’re not sure.

During your application process, you’ll need to provide certain documents, including a valid government-issued I.D., your vehicle title, proof of residency, and recent pay stubs.

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How Much Money Can You Borrow?

In large part, this depends on the value of the vehicle you’re using as collateral. The more that your car, truck, or other vehicle is worth, the more money that you can borrow.

Other factors come into play, including your monthly income, to determine a cap on how much you can borrow based on your perceived ability to repay on time. Many applicants qualify for up to $5,000, although they may only need to borrow a fraction of this amount to meet their current financial needs. Since this is a short-term loan, it’s best to borrow only the amount you really need to avoid any hardships in paying it back.

Fill Out Your Title Loan Application

If you’re ready to apply for car title loans online, then take a few minutes to fill out our convenient application.

Your Loan Depot also has other fast-cash loans you may be interested in. We have offices throughout Texas, including Mansfield, Corsicana, and Stephenville. Once you qualify for a loan with us, we’ll let you know what documents you need to provide to complete the process. If you need money fast, don’t delay — apply today!

Your Step-by-step Guide to Getting Out of Debt

Take A Good Look At Your Finances

The first step is to assess your financial situation to see exactly where you are. Tally up everything, including how much you have in assets and savings, and how much you owe. This is your launching point, showing you what you have to work with, and what you need to pay down first.

Step 1: Add Up Your Total Debt

As part of your financial picture, make a list of all of your loans and other forms of debt. A spreadsheet is helpful for this step, but even creating a handwritten list is useful. On your list or spreadsheet, include the name of each institution, the amount of money owed, and the interest rate for each loan.

Step 2: Put Money Aside Every Month

Each time you get paid, put money aside. Create a savings account for the sole purpose of paying down loans. Use this account to make payments on what you owe, thus bringing down your balances. Make it a habit to pay down debt every month, even if it’s a small amount. This habit will serve you well your whole life.

Step 3: Pay Down Your Debt At Least Once A Month

While monthly payments are a must, you can make payments twice a month, or even weekly, to get out of debt more quickly. The more you get into the practice of paying back what you borrow, the faster you’ll get out of debt, and the better position you’ll be in for the next time you need a loan, whether for home remodeling, paying for school, getting a car, taking care of emergencies, or any other reason.

Step 4: Curb Spending

Take a close look at the money you spend. Before taking out your wallet and grabbing your credit card to make a purchase, ask yourself, “Do I really need this?” Chances are, you don’t. Save your money instead of spending it. You’ll have more available to pay down your debts.

Step 5: Look For Bargains

When you absolutely must purchase something, such as a new pair of shoes for work because your current ones have worn through, or a new water heater because your old one has stopped working, look for deals. Price around, find the sales, and use coupons. It never hurts to ask for a discount; the worst that can happen is you’ll get a “no,” but you may be in for a pleasant surprise when the vendor is willing to offer you ten, fifteen, or even twenty percent (or more) off on your purchase or on services rendered.

Step 6: Sell What You No Longer Need

There’s a good chance that, over the years, you’ve accumulated items you no longer need. If possible, scale down and sell your extras. If you have three cars, consider selling one that barely gets used. If you have expensive gym equipment or electronics you hardly use, think about selling. Then apply what you get from selling your wares to paying down your loans.

Step 7: Adopt Frugality For Life

Now that you’ve gotten into the habit of saving more, spending less, and paying down debt, keep going. This is a habit that will serve you well for life. Living more frugally will help your financial picture and put your mind at ease.

When You Need A Loan

As you pay down your loans and work your way to getting out of debt, there may be times when you urgently need money to pay for an unforeseen expense. Maybe you need to cover out-of-pocket expenses related to an emergency medical procedure for a loved one, or you find yourself having to pay for training that will make you more marketable. A short-term loan can help you pay for unexpected expenses even as you continue to pay off your overall debt.

Look to Your Loan Depot when you need cash quickly but don’t want to take out a huge loan. We have offices in Stephenville, Corsicana, Mansfield, and several other payday loan locations throughout Texas to serve you. Start by filling out our payday loan application to see how much you qualify for. Be sure to keep following the steps outlined above to get yourself out of debt, but rest assured that you can turn to Your Loan Depot when you need a short-term loan for unexpected expenses.

What Hurts Your Credit Score?

What’s Considered A Bad Score?

If your score is under 670, you’re in the fair range. Most lenders and other business organizations consider a score below 580 to be very poor. While it’s very challenging to get a loan with a bad score, it’s not impossible.

And A Good Score?

Anything about 800 is considered exceptional, but only about 20% of Americans are in this category. Generally speaking, a good score lies between 670 and 739, while anything between 740 and 799 is considered a very good score.

The More Obvious Things People Do That Hurts Their Credit Score

Any time you miss a payment on a loan, your credit score takes a hit. Missing a credit card payment not only incurs late fees and high interest rates, it also lowers your credit score. If your credit card payment is late by more than 30 days, pay it as soon as you can. Be aware, though, that any late payments can stay on your record for up to seven years. The best thing you can do to maintain a healthy score is to always make your credit card and loan payments on time.

Another obvious thing people do that lowers their credit scores is sharing an account with someone who’s not handling their finances responsibly. Here’s an example: You just got married, and your name is added to your spouse’s credit cards. You find out the hard way that they regularly max out their cards, and sometimes, they miss their payments. Even though you haven’t misused the account, your spouse has, and since your name is now on the card, you also take a hit to your score.

Some Surprising Things That Lower Your Score

Some people are surprised to discover that their score has dropped after they’ve refinanced a home or car loan. Refinancing a student loan can also hurt your credit score. So can canceling a credit card, or having no credit history to show potential lenders.

Too Many Credit Cards

Yet another reason for lowering credit scores is applying for too many credit cards. Maybe you’ve done this yourself — you’ve received a number of attractive credit card offers in the mail, and you’ve decided to apply for them. Unfortunately, you’ve just hurt your credit score. Or perhaps you’re remodeling your home, and you’ve decided to apply for credit at the home improvement and furniture stores you’ve been shopping at. The problem with doing that, though, is that your score will drop, and lenders may wonder why you’re so desperate for credit. Spend wisely; if you have exceptional credit, applying for store credit won’t hurt you much, but if you’re teetering between fair and poor, you could be hurting your financial prospects without even realizing it.

Loans For People with Poor Credit

If you have bad credit, can you still get a loan in Texas? Yes, in most cases, you can. If you need to get a loan, even with bad credit, contact Your Loan Depot. We have offices in Corsicana, Stephenville, Mansfield, and several other Texas locations to serve you.

Are you asking yourself, “Where can I get a loan with bad credit?” If so, then look no further than Your Loan Depot. We work hard to get you the money you need now. Contact us today, and one of our friendly representatives will work diligently to help you get the loan amount you need. Don’t wait; reach out to our offices in Mansfield, Corsicana, Stephenville, or one of our other Texas locations, and start finding the best loans for bad credit, even while you’re working to improve your credit score.

Fill out our online application today. Your Loan Depot is here to help you.