Sort Credit Problems
Creditors often see charge-offs as an clue that a consumer has been reckless about their credit in the past and that they are a excessive risk for credit in the future. According to Bankrate.com the number one cause for getting turned down on a loan is because of charge-offs.
Payday loans, and advances on pay have been around since people paid other people to work for them. The need for small short terms loans has always attracted lenders willing to accomodate. When banks can’t or won’t accomadate a market need, others will step in. Loan sharks ran very profitable, although illegal, businesses. Pawn shops were there to provide temporary loans in exchange for property. Today there are paycheck stores in every poor area of our cities.
