Bad Credit or No Credit Loans
You are more than your credit score! EZ Money works hard to make sure everyone can get access to short term loans in an emergency, regardless of credit score. We offer bad credit loans and no credit loans with only a few pieces of qualifying information needed. We want to work with you so you can get the cash you need now and a repayment plan that is affordable and can work for you and your life.
What Are Bad Credit Loans or No Credit Loans?
These loans are offered to borrowers who have weak, bad, or no credit histories. There are many types of bad credit loans available. They do generally have higher rates of interest and fees than a traditional loan for someone with good or excellent credit due to the fact that borrowers with no credit or poor credit statistically are a higher risk to lenders. But at EZ Money we understand that you can’t always control what happens in your life and believe no one should be denied a loan when they need one - our goal is to make a personal or short term loan accessible to anyone in need of one.
All About Credit Scores
You might find that you never got a proper education about credit and how it works in terms of your own personal credit and what that means. At EZ Money we do more than just provide bad credit loans to those who need them, we want to help you understand what your credit score means and how you might be able to improve it.
What is a Credit Score?
Your credit score is calculated based on the information in your credit reports, which contain a list of the money you owe, the details of how you owe the money, and your history of paying it off as agreed. Lenders generally look at both your credit reports and your credit score when determining whether they want to lend to you or not. There are many different companies that generate credit scores but they generally come to similar results with a similar ranking to the credit scores between 300 and 850.
- Exceptional credit: 800+
- Very good credit: 740-799
- Good credit: 670-739
- Fair credit: 580-669
- Poor credit: 579 and below
What Affects Credit Scores?
There are many reasons people have bad credit. One of the most important factors in your credit score is your payment history. Missed and late payments hurt your score - the longer a bill goes unpaid and the more you owe, the more it hurts your score. Another major factor in your credit score is your credit utilization rate, which is the ratio between the total balance you owe and your total credit limit on all revolving accounts. Lower utilization of your available credit is better for your score.
The length of your credit history is somewhat important, figured up by utilizing the age of your oldest account, the age of your newest account, the average age of your accounts, and whether you’ve used an account recently. Another factor of similar importance to the length of your credit history is having experience with different types of credit, such as revolving credit card accounts and installment student loans.
It is important to remember that there are many credit scores and many factors that affect your score, but all credit reports use similar factors to determine your credit score so by focusing on improving across the board, you will improve your total credit score. Also keep in mind that most derogatory marks on your credit will fall off reports after 7 to 10 years, so it is never too late to start building!