Beacon Payday Loans Review
What are Beacon payday loans? You can learn more about these and other policies in this article. Be sure to read all of the terms and conditions to find out what you can expect. If you have any questions, feel free to contact them directly. However, before you apply for a loan, read the fine print to make sure you're not signing up for anything you don't need.
Fees and Interest
You can compare the fees and interest for Beacon Payday Loans rates online before applying for a loan. While many payday loan companies have high interest rates, this one doesn't. You can find a list of their rates by providing your zip code. To apply for a loan, you should fill out an online form. Beacon Finance offers short-term unsecured loans, title loans, and personal lines of credit.
The fees and interest for Beacon Payday Loan are based on the APR, the annual percentage rate. This APR includes all fees, and a loan for $300 would carry a 391% annual percentage rate. Using this method, the lender would make only $36 on the loan. As such, their fees and interest would be a lot higher than the actual cost of the loan.
Credit Score Impact
Beacon scores are based on the same model as FICO scores. The algorithm is a complex calculation of a borrower's creditworthiness, and lenders use it to determine whether they should approve a Beacon loan application or not. While Beacon scores are the most widely used, many lenders also use other models. If you want to lower your chances of getting declined for a payday loan, you should improve your credit score.
Beacon scores are calculated using a proprietary model by Equifax. The FICO 8.0 is based on the FICO 08 model. It may also be used in other lending decisions. Your credit score will be impacted if you use a combination of credit types and make monthly payments on time. Beacon scores are based on your FICO score, so making sure to pay your bills on time is a great way to raise your score.
Collection Practices
Consumers can be protected by the Fair Debt Collection Practices Act, which is a law that governs debt collection. This law prevents companies from using abusive methods of collecting debt, including harassing consumers by calling them constantly and without disclosing their identity. Additionally, a company may not threaten consumers with legal action or falsely threaten to contact their employer or relatives. Fortunately, Beacon Payday Loans adheres to these laws.
Representative APR Range
While Beacon Payday Loans has been in business since 1989, it has only recently received the CFPB's approval for the use of its trademarked representational annual percentage rate (APR). These loans are short-term, high-interest credit cards that can range in APR from 12 percent to 30 percent. However, a representative annual percentage rate (APR) is not helpful in comparing short-term loans or determining the total cost of credit.
