- #Regional finance credit score requirements how to#
- #Regional finance credit score requirements pro#
These automatic debts can in turn lead to overdrafts and extra fees. Depending on the fine print included with your offer, it might be a better option than a payday loan. Payday loans generally require permission to debit a bank account, which can be difficult to stop. Is the live check a better option than payday loans?
Plus, late payments hurt your credit score, staying on your report for as long as seven years. Don’t default on payments because the debt could be passed off to debt collectors. Be proactive about refinancing if paying the loan back is a problem, try to work out an extended payment plan, or contact the lender to discuss options. In a later conversation with customer service, “it was explained to me that refinancing brings back your account to the original amount,” the borrower wrote in an online review, saying he was given no warning that refinancing would reset the loan terms. After the term was adjusted - twice - the borrower got a big surprise. One person who cashed a live check issued by Worth Finance called customer service and asked to change the terms. Can’t make the payments? You can refinance a live-check loan - for a price
The lender has already set the repayment terms.īefore cashing the check, take some time to explore other options that might be available through a financial institution or credit union. That doesn’t factor in the lack of flexibility when it comes time to repay. You read that correctly - an APR of more than 80%. Some lenders charge annual percentage rates of more than 80%. Cons of cashing the ‘live’ loan checkįor starters, live checks typically have higher interest rates. You’ve already been approved, even if the terms aren’t favorable.
#Regional finance credit score requirements pro#
You can pay it back, you figure, when money is less tight.Īnother pro is that you don’t have to go through a credit check or deal with any paperwork, and your credit score doesn’t matter. If you’ve been struggling to make it to payday, it’s tempting to cash that check to buy a well-deserved treat or pick up some much-needed school supplies for the kids. There’s a big one - instant access to that money. The short answer is probably not, but there are some pros and cons. This issue has been on Congress’ radar since at least 1997. And that’s not the first time the issue was addressed on Capitol Hill. Some in Congress aren’t fans of live checks.Ī bill was filed in the Senate in 2018 to outlaw the practice, but it didn’t make it to the floor for a vote. If the terms aren’t disclosed at all, the check might be a scam, which means destroy it immediately. Loan terms can vary widely, including length and interest rates. You’re committing to the loan terms, which should also be included in the offer - likely in very tiny print. If you deposit that check into your bank account, you need to be fully aware that it’s a valid loan agreement. It is a loan offer - almost always an unsolicited one from an online lender. However, sometimes a live check will just unexpectedly appear in the mailbox, usually right around the time people are spending money on back-to-school items or the holiday shopping season.
#Regional finance credit score requirements how to#
How to opt out of unsolicited loan offersĪ live check is technically any paper check that is ready to be deposited, whether it’s a paycheck, check from a friend or holiday gift.Know the laws that protect you from predatory lenders.Thinking about cashing that live check? Know your other options.
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