Credit Score and Loans

Nova

Well-known member
Almost every country these days maintain the credit score for the people. They collect the data about the debt and then assign a score for that. This way when the person wants to get the loan it does not becomes difficult for them to sort things out. A lot of people can't get second loan unless they pay out the 80 percent of the previous loan amount if the loan amount is bigger. And this type of the scale can make it easier for them to pay out various of their debt. So make sure to check the credit score and then go for the loan system.

In US there are many credit score companies and those companies offer you both offline and online type of the loans. I think it'd be better for the people to accept the loans properly and also it becomes easier when you want to take another loan. And the process of repayment is also logged by those companies. So they know how regular you are when it comes to the credit repayment. So the debt that you have on you always gets recorded by such type of the companies. Credit score protects both you and the companies who try to extract the extra money out of you.

In near future credit score based loans off online methods are likely to become the norm.
 

Peppul

Well-known member
I totally agree with you, but the problem with these loan companies is that most times building good credit scores with them is not easy because when it comes to loans am not a fan of it, loans to me are sometimes tricky especially when you not careful you might end up not utilizing the money for the purpose of what you borrowed it for. And if you not a consistent borrower it will be difficult to build a good credit score with loan companies and believe me nobody wants to be a constant borrower, see why I said it's not easy to build a good credit scores. Well for anyone trying to borrow my advice is if you don't have a tangible collateral don't go ahead.
 

Abigael

Well-known member
Credit score is truly something to take care of if you want to ever take loans in future without any trouble. In my country Kenya, there is a mostly used credit score company known as CRB. Most companies use it to report those who fail to pay loans on time. So when you borrow money from any loan lending orgnanization, they check your CRB rating before giving you the loan. If you have a negative reputation, it gets so hard for them to give you the loan. Moreover, nowadays, you need to clear with the CRB when applying for a job. Therefore, there is great importance in taking care of your credit score.
 
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