There are literally thousands of websites
providing online loans. Getting a loan online is a
great convenience. However, there are several
scenarios to be aware of that will help you avoid
falling victim for a loan scam or paying more for
your loan than you should.
Watch out for advance fee loan scams!
Online loans are usually just as safe as applying at a bank or credit union.
However, there are predatory lenders out there that make a living taking
advantage of those in desperate times in need of immediate cash. The most common
type of online predatory lending is called 'advance fee loan scams'. Advance fee
loans NEVER pan out. If you ever apply for a loan and receive notification that
you have been approved, but are told that you will need to first wire (usually
via Western Union) any amount of money (they usually only ask for several
hundred dollars) as security for your loan, terminate all communications. Think
about it, why would you need to send money to get money?? Save the emails,
letters, phone numbers, and anything else related to any company requesting
money up-front for your loan approval and forward it to your local authorities.
Read the fine print!
It is very common for lenders to market loans for very low rates, often even 0%.
But, lenders have to make money, so 0% is not realistic. When you read the fine
print of these 'too good to be true' loans you'll discover all types of hidden
charges and fees like loan origination cost, closing fees, very high pre-pay
penalties, etc.. And, it is also important to note that lenders that offer loans
at 0% often market these terms to all credit types but are only able to approve
those with pristine credit for such rates. Those with bad credit will then get
approved for loans with astronomical rates and not for the loan amounts they are
seeking, causing a ding on their credit unnecessarily.
The lenders we work with are able to approve good and bad credit types for a
variety of favorable loan products. What's great about our sources is that you
can receive a decision on your loan request without your credit being checked.
How is this possible? Because our lenders have systems that are so advanced that
they are able to pre-approve based on your personal info (name, address, DOB)
and ability to verify your income. So, if you get declined for your loan or
receive a rate that you are not happy with and do not wish to accept, there is
no impact on your credit score or rating. Click the link to 'apply now' for a
loan with us!
Avoid any type of repayment insurance!
It is very common for loan providers to try and upsell the consumer products
that they will never need. The most common being 'loan repayment protection
insurance'. This is an insurance product that enables consumers to insure
repayment of loans if the borrower becomes ill, dies, loses a job or is faced
with some other type of unexpected crisis that prevents them from being able to
satisfy their loan payments. This type of insurance is very expensive and we
feel it is not wise to pay for a potential doomsday scenario. Don't prepare for
bad...prepare for good!
-Maximizing Your Borrowing Power With a Strong Credit
For First Time Borrowers
of Online Loans
Approved for Favorable Bad Credit Loans
vs. Secured Loans
For Reducing Common Types of Debt
Fee Loan Scams
of Personal Loans
Aspects to Avoid