According to official data from the US Bureau of Economic Analysis and Trading Economics, the savings rate for American households was a robust 17 percent back in the 1950s. That rate has come down to a lowly 5 percent today.
What could be the reason for such a significant downfall? It is not that Americans simply refuse to save for difficult times. Rather, it may seem that the rainy days just do not seem to end. This is actually true for plenty of families and individuals. The costs of every product and service have been rising steadily.
Wages may not have increased proportionately and what we have is a scenario where far to many people seem to be living from paycheck to paycheck. Without substantial savings, where would one go if faced with a financial emergency? Where would one find that quick financial boost which is provided by cash that is stored over time? The answer is online cash loans.
Cash loans or payday loans are short-term loans which are paid back within a few weeks. Normally, cash loans are paid back in one of two installments. Such a loan is designed to be repaid by the time the borrower’s next paycheck comes in.
Online cash loans are different in some important ways from traditional payday loans. Firstly, they are completely online which means the application and the approval happens online. Secondly, the approved loan amount gets transferred to the borrower’s account electronically. Hence, there is no need to leave your home and the whole process is a lot quicker.
What are the benefits of BridgeGuys’ cash loans?
First of all, BridgeGuys makes sure that it is completely transparent about the loan terms and costs. We make sure that all the details are understandable to our borrower and that there are no hidden fees or nasty surprises later on.
We also make sure that we do not sell customer information to third-party entities. We operate as per the laws of the state where we are licensed to work. Transparency is our hallmark.
Secondly, we reward responsible financial actions. If you make your repayments on time, then we reward you with points. Once you cross a certain level of points, you can become eligible for availing larger loan amounts at favorable terms and rates.
We understand that life has many surprises and that certain unplanned situations can have a negative effect on your credit history. We work with borrowers who have a negative credit history.
This is unlike traditional lenders who are very particular about lending to individuals with a good credit score. Our philosophy is to help borrowers improve their credit and to reward those who repay their loans on time. The rewards program is available in states where such an incentive is legal.
Thirdly, the good thing about working with BridgeGuys is that we report your loan repayments to credit bureaus. So, by taking out a cash loan and repaying us, you can actually start building your credit and move up the score chart. You have to get to a certain level in terms of responsible repayments before we can start sharing your info with credit bureaus for an improvement in your FICO scores.
Lastly, our application is one of the simplest that you will find. It hardly takes 5 minutes and you can submit it from your phone, tablet, or laptop. Once you submit the application, our decision is also instant.
Applying for cash loans
To be eligible for a loan, you have to firstly reside in a state where BridgeGuys is licensed to operate. Note that BridgeGuys does not operate in all the US states.
The actual application is to be filled and submitted online. It takes a few minutes. All you need to fill-in is your name, contact information, valid email, valid phone number, and employment details (or details about a recurring source of income).
We also need information about your bank account so that we can transfer the loan amount if you are approved. Once you fill and submit the application, you will get a quick decision whether it is night-time or daytime.
Once you have been approved, you can expect to receive the funds in your account within one business day. If your debit card and bank account are from certain specific banks, then you might be able to receive the money even sooner.
Once we transfer the amount, it all depends on your bank and its clearing processes which has an influence on when you can access the disbursed cash loan money.
Do I need to have good credit to get cash loans?
Some lenders do look at your FICO scores before deciding whether to loan you the money or not. They require you to have a score above a certain minimum threshold in order to approve you for a cash advance.
The good thing with BridgeGuys is that we do not insist on a high credit score. In fact, we do not conduct a hard credit check which can marginally lower your credit score. We only conduct a soft check. Besides the check, we use our own internal procedures to evaluate who to approve for cash loans. That process is comprehensive and does not rely only on credit scores.
However, that does not mean that we approve every single applicant. We have worked with plenty of borrowers who did not have good credit. We were able to help such borrowers and even enable them to rebuild their credit profiles.
With cash loans from BridgeGuys, you can meet urgent expenses, meet your emergency needs, and work towards improving your credit scores. If you think that your payday is too far away and that you are falling short of cash, then BridgeGuys can help you tide over such gaps.