When it comes to your financial record and your credit score it is clear that everything you do in relation to your finances, from applying for a loan to being late with a payment, for instance, can all have a positive or negative impact on your number.
If you are seeking out access to some faster cash than you might get with a bank it might be that you decide to seek out a better installment loan to give you what you need, but how does that move impact on your credit score?
It’s a question that many consumers seem to want to know the answer to, so if you want to know a bit more about how installment loans can affect your credit score in the short and long term, here are some of the key points to consider.
A chance to build your credit score
If you have a bit of a problematic credit history and there are a few missed payments and defaults that have happened for whatever reason, you will want the chance to set the record straight and show that you can handle your money responsibly.
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