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How Personal Loans Are Better Than Payday Loans

Do you know the reasons as to how personal loans are better than payday loans? You have more than likely heard of both and may even be unsure as to which one to apply for, but this should not be the most difficult decision you will ever have to make.

The main reason is that the interest rates and repayment terms are always far more favorable and we are not talking in slight margins here. Personal loans can be below 10% APR while payday loans can have an APR of over 4000% in some cases. You will also be expected to pay it all back at the one time as opposed to over months or even years, so your personal budget is stretched to breaking point.

Payday loans are also more likely to put you into deep financial trouble whereas personal loan lenders are stricter on who they lend money to, so there is a greater sense of trust. When you weigh up these key differences it should become immediately apparent as to why personal loans are indeed the better option.

Facts On Special Programs for Bad Credit through ARCCT.Com

For many years, bad credit history has been barring thousands of people from accessing loans. Not any more, ARCCT.COM has come up with a number of special programs that are specifically tailored to help clients in such situations to get affordable loans online. Here are some of the supreme highlights that give this platform an upper hand in the market. Reviews and recommendations are phenomenal for ARCCT Loans for People With Bad Credit and they provide services nationwide so they can help most people.


All their personnel are highly trained and committed to maintain high levels of professionalism, diligence and transparency before and after processing of your loan. To ensure that your privacy is not compromised, they have invested in a secure online application system that protects all information submitted. The information will never be shared not rented out to third parties. No more guess work; their personnel can help you make an informed decision by explaining the various bad credit loans available.


Unlike other traditional financial service providers who have a negative perspective about bad credit. ARCCT.COM has a clear and unbiased understanding of the tough situations and is willing to help you out. Bottom line, they don’t gauge your ability to repay the loan based on your past financial records. The repayment plan and interest rate are very flexible and affordable.

Fast Approval

Gone are the days when you had to wait for days or even months to get a loan. This platform has worked smart to come up with an easy application process that is 100% free for all applicants. All you need to do is fill the form with accurate personal details and submit. Their team of professional will then review it, approve and deposit the cash into your bank account. This is has helped many clients to meet emergency financial obligations. Be sure to contact them once you receive the money to rate their performance. Clients’ feedback is used to improve service delivery.

Wide Array of Loan Programs

To meet the diverse clients’ needs, they have come up with a number of loan programs. By choosing ARCCT.Com, you can get PayDay Advance, Personal Loan or an Auto Loan at any time of the year. Just choose one that best suits your current needs. They have also gone a step further to establish customer support team which is always available to respond to queries. More importantly, you will get some expert tips that you can apply to improve your credit score.

ARCCT.COM is indeed the most reliable and efficient provider of nationwide bad credit loans.

Various Problems When You Have Bad Credit

Different credit scores or ratings are used by different types of lenders to determine whether to approve a loan or financing application or to reject it. A person who has a bad credit score or rating can experience various problems for instance the individual may be turned down from borrowing money.

Making loan or credit card payments late or missing them, being bankrupt, or simply failing to stick to the terms of a loan or credit agreement can lead to a bad credit history and this would affect the future borrowing capacity of the individual.

Both large scale lending, such as getting a mortgage to purchase a house, or a loan to start a business and small loans, such as getting a credit card, or financing a new car, can be affected based on the credit score.

Anyone who is refused credit can ask for an explanation and that would provide more information on how to improve the bad credit rating before trying to borrow from another lender.

Problems People With No Credit Face When Trying To Start Credit

There are several problems people with no credit face when trying to start a credit history, but the main issue for the financial industry is a complete lack of trust in the individual. Their entire lending premise is based on looking at how they have acted in the past, but if you have no credit history, then there is nothing for them to base their assumptions on.

Companies that offer credit are then going to be concerned about lending money to a relatively unknown individual, so the amount of credit on offer is often greatly reduced to limit their exposure to potentially losing money. Of course this reduced amount of money is then another issue for the person that is looking to borrow money as they might fall short on the cash that they need meaning they may need to look elsewhere. When you then add in higher interest rates as well you can understand why people find building credit so difficult.

Somebody with no credit history can, therefore, find themselves in a state of financial limbo and that does make a difference to an individual. You need to be prepared to borrow less money at higher rates and pay it back on time in order to benefit from it in the future.

What Causes Bad Credit?

Bad credit is not instantaneous but happens gradually over time. Having bad credit can affect an individual in a number of ways from preventing one from securing employment to getting a loan. Here are some things that can cause bad credit.

Debt - Thousands upon thousands of people have debts that they can't possibly pay off. The rising cost of living is sighted as one of the main factors that causes bad credit. When the cost of living rises and the paycheck remains constant, people tend to turn to credit cards to buy items. Some of the cards have high finance charges which accumulate pretty fast eventually making it difficult for people to pay the monthly balance.

Late Payments - Late payments on a credit card often results into bad credit. Each late payment is reported to credit bureaus. Lenders will most of the time lend money to a person who has no late payment as opposed to someone who has a late payment in the past.

Delinquency - When you can’t pay for a credit card, it’s always advisable to notify your bank. Past due payments will in the long run go into collections that in turn affects a person’s credit score.

Overlimit - When you go above the credit limit, monthly installments will increase. It’s always wise to check the available credit on a credit card and stay within the limits.

Payment Method – People who use cash to shop instead of credit cards have no bad credit. When you pay for items in cash, financial charges are eliminated. Whenever possible, leave credit cards at home to minimize the temptations to use them.

Bad credit can be easily avoided by building a strong credit history. Monitor your credit, make sound financial decisions and pay your bills on time.

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