6 Ways Bad Credit Affects Your Health, And The $500 Loan That Builds It

We’ll show you why improving your credit is a must, and how a $500 loan can help you achieve that goal.

How Bad Credit Can Make Your Life More Difficult

Even though we’re entitled to one free credit report per year, many of us don’t even know our credit score. Why? Because we’ve made mistakes in the past, and we feel that the score may be so low that looking at it will trigger anxiety or depression.

Well, even though your credit score may be low, you should view your free credit report at least once a year. If not, you won’t know where you stand, which will keep you from improving credit that needs fixing. And here’s what bad credit can lead to:

1. Difficulty getting a new credit card.
2. Difficulty getting a loan to buy a car or home.
3. Not getting hired for a job, as some employers perform credit checks.
4. Not being able to rent an apartment.
5. Having to leave a deposit just to open up a new Internet or cell phone account.
6. Paying more for insurance.
7. Paying higher interest rates.

How Bad Credit Impacts Your Health

That list above can make your life miserable in more ways than one. And over time, that bad credit can negatively impact your health in the following ways:

1. Anxiety – Not being able to get a loan or credit card could leave you in a bind in the event of a medical emergency. A 2020 study found that 79 percent of people felt anxious about the rising cost of healthcare, making it their top worry.
2. Fatigue – A 2020 study from Bankrate found that nearly half of adults had trouble sleeping due to financial issues, with 13 percent reporting poor sleep due to credit card debt. If you can’t sleep due to bad credit, you’ll be tired all the time.
3. Stress – A 2020 Credit Sesame report found that 82 percent felt stress solely due to their credit card debt.
4. Depression – 48 percent of debt-ridden adults said their poor credit status led to depression and pessimism in 2019.
5. Shame – A 2019 study revealed that 46 percent of people said they felt ashamed of their poor credit. Shame can lead to depression, anxiety, and isolation from others.
6. Anger – Credit Sesame found that in 2020, 30 percent of people with bad credit felt angry about it due to the following: 50 percent couldn’t get an auto loan, 28 percent couldn’t rent an apartment, 22 percent couldn’t get a cell phone, and 19 percent had to live with their parents.

What’s the scary part about that list? It could be even longer, which shows just how bad poor credit can be for your health and overall quality of life.

How to Build Your Credit With a $500 Loan

If you’re in a pinch, need cash fast, cannot get a loan from friends and family, and have bad credit, an installment loan from Possible Finance can help in the following ways:

1. You can get up to a $500 loan within minutes by applying through the Possible Finance app on your phone.
2. Bad credit or no credit won’t be an issue since this online lender will not check your credit.
3. You can take up to two months to pay the loan back.
4. As you pay the loan back, you will build your credit since those payments get reported to the three credit bureaus.

Can that loan build your credit all in one shot? Unfortunately, no, but as long as you pay it back on time, it can give your credit a boost so you can slowly start getting back where you need to be.