|By PR Newswire||
|January 8, 2014 01:11 PM EST||
NEW YORK, Jan. 8, 2014 /PRNewswire-iReach/ -- The holiday season may be over but the debt accumulated from holiday shopping during the last quarter of 2013 (Q4 2013) continues to haunt millions of borrowers. According to some surveys, nearly 57 percent of individuals reported that they would take on additional debt to support their purchases and those with income levels under $35,000 were willing to assume an additional $700 in debt.
With debt accumulation numbers edging at nearly 60 percent in Q4 alone, it would be no surprise if some may have already defaulted on their very first installment while others would be struggling to repay the minimum balance every month. Add to that pressures from a low-income producing holiday season for entrepreneurs and individuals enjoying vacation and travel time "without pay".
"Nearly 75 percent of applicants who approach us for low interest cash advance loans report at least some credit issues on their application. We can't continue to ignore such a large proportion of borrowers and in response to their requests, we have eased credit requirements for our cash advance and payday loans in 2014," explains Mark Miller, founder of http://www.cashadvanceusa.net.
For most individuals, the credit score (FICO) ranges from 300 to 850 and based on numbers released by Cash Advance USA, there are plenty of loan options for individuals within the lower echelon of the spectrum. In fact, cash advances are considered a potent option due to their historic preference for credit leniency. Miller's company has taken that a step further and has worked with lenders to reduce the credit requirements even further. In some instances, lenders circumvent the credit check process entirely.
Finally, for individuals desirous of using funds from their pay day loans as a temporary form of finance, Miller offers the following debt reduction tips:
Meticulous craft a budget that would help you pay off your debt. Take stock of all your income sources and expenditures and after allocating a small reserve, consider paying off as much of your loan as possible.
Aggressively trim as many expenses as possible and consider including an additional income source.
Regularly monitor your credit rating. If you repay your loan on schedule, your credit scores will slowly start improving, especially if the lender reports your transactions to all major credit bureaus.
Consider paying more than the minimum requirement. This will help you clear out the debts sooner. As an added bonus, your credit scores will improve as well. In fact, nearly a third of your credit score boost comes from your payment history alone.
Seek professional assistance if you need help with managing both your debt and credit. Many non-profit organizations offer free counseling. All it takes is one phone call.
Cash Advance USA specializes in providing a wide range of personal loans. With a network of hundreds of lenders, the company offers customized options for individuals in need of loans. The company's programs cater to bad credit borrowers as well. With its latest announcement, credit requirements will be loosened even further in 2014.
To request a quote from a pre-screened lender, please visit http://www.cashadvanceusa.net/payday-quote.html today.
Media Contact: Mark Miller, Cash Advance USA Ltd, (512) 571-3828, [email protected]
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SOURCE Cash Advance USA Ltd