What is Consumer Financing? It’s really hard to be a consumer these days. Remember how you felt like you can take on the world because you had a purse full of credit cards? It was as if nothing can ever get in your way. But now it’s all in the past.
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As credit card companies started to reduce credit limits, your spending power also began to slip away. There are a lot of factors which contribute to your delay in paying your credit card debts.
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In effect, you now fear that there will be expenses which you will not be able to cope with without your credit card. What if it’s necessary to make home repairs? What if your health expenses go in excess of the health insurance limit? It’s no joke to be in this situation. But as the saying goes, misery loves company and you get quite a lot of it. According to a recent survey, more than half of the U.S. population admit that they do not have enough extra cash to handle emergency expenses. This is a very sticky situation. Just think of those possible emergency expenses that you can’t afford to pay in cash. How will you get out of these problematic situations? Some businesses now cater to people who have minimal income sources. However, there are still a few of them. There are certain areas nowadays, including healthcare, which allow options like consumer financing. The thing is, you also need to have a credit score above 680. If you score lower, your chances of getting denied is really high. According to statistics, 70% of the applications submitted for consumer financing are denied. This makes the chances slim. But this should not lead you to depression. There are actually a lot of other options which are well within your reach. Nowadays, there’s a form of merchant customer financing which does not look into your credit scores for approval. They will just take a look at your checking account history instead. This is a new method for financing companies to determine the risk involved. Those who use their checking accounts to pay bills and have not skipped funding the checks within the past 90 days stand a greater chance of getting approved. It would take about ten minutes to process your application under this option. You don’t need to have pay stubs or bank statements. All you need is a photo and a personal check. Gone are the days when your credit rating becomes a major concern. Financing companies have not yet adopted this practice in general. But it’s starting to gain popularity. In the near future, more businesses will have this offering. In the meantime, just be patient in looking for businesses which offer the consumer financing option with these terms.