Being truly a consumer today is more challenging than ever before.
Remember the days once you carried a budget filled with credit cards ready to battle the entire world? There was no emergency that might catch you unprepared.
Well, those times are long gone.
Perhaps you'd your No Credit Check Financing power vanish when the charge card companies panicked and crushed your credit limits. Perhaps you lost your job for some time causing one to temporarily fall behind on some bills and therefore, destroying your credit score. And perhaps, so long as have that job that leaves you with any much extra income to truly save for those emergencies.
The end result is that you're walking on afraid that life will throw you a bend and you won't have the resources to deal with it. Imagine if your car reduces requiring a costly repair? Or you have a health issue that requires a significant out of pocket expense? And what if something breaks in your home that costs tens and thousands of dollars to fix?
It's not a fun position to be in.
But if misery likes company, you have lots of it.
Based on a survey conducted by the National Foundation for Credit Counseling, 64% of Americans claim they do not have enough cash available to take care of a $1,000 emergency expense.
That is frightening.
Think of all of the items that can make a mistake in your life that will ultimately cost a lot more than $1,000.
What might happen in the event that you woke up one morning and your tooth was in excruciating pain? You receive you to ultimately the dentist and find out you will need root canal. The fee? Several thousand dollars.
Or perhaps, your pet gets sick.
What would you do?
Some businesses, but few, decided to work well with people with minimal resources. Unfortunately, they're few and far between.
In the event that you walk into most health professionals, they'll point you toward Care Credit, a client financing option arm of GE Capital.
But here's the problem. Unless your credit score is 680 or higher (and if you're still reading at this time, chances are it's not), you will likely get declined. And approximately 70 percent of applications submitted to Care Credit are either declined or approved for an amount less than requested.
Those aren't great odds.
But the objective of this article is not to obtain you depressed. It's to share with you that the answer may exist at a company in your area and if not, if will very soon.
There is a new kind of merchant consumer financing that doesn't base approvals on credit scores at all. Instead, they focus on your latest checking account history.
This type of financing cleverly determines risk in new way. When you have an established checking account used to cover bills and have avoided being insufficient in your account over the prior 90 days, you stand an excellent chance to getting approved.
Businesses offering this choice can typically get a remedy on your own simple seven line application in less than ten minutes. You won't be required to create pay stubs or bank statements either. One personal check and a photograph id is all you'll need.