|By PR Newswire||
|October 9, 2013 06:00 AM EDT||
KANSAS CITY, Mo., Oct. 9, 2013 /PRNewswire-iReach/ -- In today's lending environment credit history and credit scores have become the end all be all of loan decision makers. Fortunately, Cashadvanceusa.net, an online loan facilitator, has found hundreds of flexible lenders willing to base their loan decisions on other indicators of financial responsibility besides the "almighty" credit report.
"Our lenders understand the reality of today's borrowers and the unreliability of some credit reports," stated CEO Mark Miller. "It is estimated that 20 to 25 percent of borrowers have some type of inaccurate information on a credit report that can hinder their ability to borrow money. On top of that, you have a lot of borrowers who had their credit history significantly damaged by the recent financial crisis."
Some lenders agree. They are willing to forgo the credit check as long as the borrower is employed, receives a consistent paycheck and has an active checking account. "There are alternative ways to evaluate creditworthiness and our lenders are flexible and willing to consider indicators that conventional banks may ignore," says Mr. Miller.
According to a Findlaw.com survey, 23 percent of Americans reported some kind of problem with their credit reports. The most common problems were inaccurate or out of date credit history, inaccurate or out of date personal information, information from another person's credit report, identity theft issues, credit scores reported as lower than they were and credit denied due to inaccurate information on the credit report.
In nearly 70 percent of the cases the inaccuracies were eventually corrected, but while they went through the process many borrowers were unable to access the loans they needed. "Some borrowers need cash right away," said Miller, "while we encourage them to go through the process of correcting all errors and increasing their score, we realize it may take weeks or even months to get it all the issues sorted out. By using other factors to access creditworthiness, our lenders can make quick decisions and provide fast cash advances normally in 24 to 48 hours of approval."
"Of course, I understand that some of our users simply have bad credit, and not credit report issues. Either way as long as they have a job, a paycheck and an active checking account we can typically find them a willing lender. All the borrower has to do is go to our site, http://www.cashadvanceusa.net/cash-advance.html , and fill out a brief application that is securely transmitted electronically to hundreds of no credit check lenders. In a short time, the borrowers receive multiple loan offers with rates and terms. At their own leisure, they can review the offers and select the ones that have the terms and rates they are happy with."
Media Contact: Mark Miller, Cash Advance USA Ltd, (512) 571-3828, email@example.com
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SOURCE Cash Advance USA Ltd