When it comes to money matters, a conversation about credit score is never far behind. At World, we offer loan options to people with great credit, no credit, bad credit and everything in between. Today we’re going to look at the ways a personal loan can help improve your credit over time.
You can establish a positive payment history.
Just by making on-time, consistent payments on your personal loan, you establish a responsible financial trend. This demonstrates that you are a responsible borrower.
You can establish healthy credit usage.
Part of your credit score is based on the percent of debt you hold compared to the total amount of credit available to you. By not running a balance with the maximum debt, you prove that you are a borrower with self-control and the ability to make smart financial decisions based on what is right for your budget – not just the total amount of credit available to you.
Unlike payday lenders, we report to credit bureaus – which is good for you!
World reports to credit bureaus on your personal loan payment history. This is great for you as a borrower, because it keeps a record that can boost your score over time.
Unlike a credit card, you lock in a rate and payoff date.
With a fixed-rate World loan, you know how much you’re paying and when, right down to your final payment. We strive to provide as much clarity as possible at each step of the way in order to set you up for maximum financial success. While credit cards may seem convenient, you’ll quickly find that variable rates can have a huge impact of the total amount you pay back over time.