How To Get Consumer Financing When You Have Bad Credit

Being truly a consumer today is more challenging than ever before.

Remember the times once you carried a budget high in credit cards ready to battle the planet? There is no emergency that can catch you unprepared.

Well, those times are long gone.

Perhaps you'd your spending power vanish once the bank card companies panicked and crushed your credit limits. Perhaps you lost your job for a time causing you to temporarily fall behind on some bills and therefore, destroying your credit No Credit Check Financing score. And perhaps, so long as have that job that leaves you with any much extra income to truly save for anyone emergencies.

The outcome is that you are running around afraid that life will throw you a curve and you won't have the resources to deal with it. What if your car stops working requiring a costly repair? Or you have a health issue that needs an important out of pocket expense? And imagine if something breaks at home that costs a large number of dollars to correct?

It's not a fun position to be in.

But when misery likes company, you certainly have plenty of it.

Based on a survey conducted by the National Foundation for Credit Counseling, 64% of Americans claim they don't have sufficient cash on hand to handle a $1,000 emergency expense.

This really is frightening.

Think of all items that can fail in your lifetime that could ultimately cost significantly more than $1,000.

What might happen in the event that you woke up one morning and your tooth was in excruciating pain? You obtain yourself to the dentist and discover you'll need root canal. The price? Several thousand dollars.

Or even, your cat or dog gets sick.

What might you do?

Some businesses, but very few, have decided to work with people with minimal resources. Unfortunately, they are few and far between.

If you walk into most health professionals, they will 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 maybe more (and if you're still reading at this point, 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 are not great odds.

But the goal of this short article isn't to have you depressed. It's to inform you that an answer may exist at a company towards you and or even, if will very soon.

There's a new form of merchant consumer financing that doesn't base approvals on credit scores at all. Instead, they focus on your newest checking account history.

This type of financing cleverly determines risk in new way. If you have an established checking account used to cover bills and have avoided being insufficient in your account over the previous 90 days, you stand an excellent chance of getting approved.

Businesses offering this option can typically get a remedy on your simple seven line application in under ten minutes. You won't be required to produce pay stubs or bank statements either. One personal check and a photo id is all you'll need.