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How to Spot Bad Credit Personal Loan Scams
Getting approved for a personal loan can be difficult if you have history of bad credit. However, consumers who suffer from bad credit can search for lending companies that extend personal loans even for those who are credit challenged.
Nevertheless, there is the risk of dealing with the wrong kind of lender. Consumers need to be aware that bad credit personal loan scams do exist in the market and the only way they can be avoided is by being aware of their tactics. Listed below are warning signs that you need to look out for when evaluating lending companies:
Guarantees your approval. Scammers can promise guaranteed approval to attract customers. Although there are lending companies that extend bad credit loans, the applicants credit history will always be considered before the loan is granted. In fact, the interest rate you will be given will depend on your personal credit score. Therefore, watch out for lenders that promise to grant you a loan without conducting credit check.
1-900 Customer Service number. Avoid loan providers that make use of the 1-900 telephone number to get in touch with customers. Remember that calling the 1-900 number is not free, so the caller will be charged for the call. A legitimate lending company must have its own independent landline number as it is a basic requirement for businesses.
Requires you to provide your personal information in exchange for a free quote. Consumers can compare loans by requesting for free loan quotes over the internet. However, make sure that you are not being asked to enter your personal information in exchange for the free quotation. NEVER give out your Social Security Number, Bank Account, Credit Card Numbers, full name, or residential address in exchange for quotes.
Sends unsolicited loan offers. Do not reply to bad credit loan offers that you may receive through your email or post mail. Do not even click on the links that are included in the email. Legitimate loan companies do not send unsolicited offers nor do they use deceitful marketing tactics.
The loan is offered via telephone. The Federal Law prohibits lending companies from offering bad credit loans through telephone. In case you receive a call from a so-called “bad credit loan” agent who may be asking for your personal information or encouraging you to sign up for a loan with their company, end the call right away and do not provide any details.
A loan company without a physical address. A legitimate business needs to have a physical office where it conducts its main operations. It is one of the basic requirements when seeking a business license. Therefore, avoid bad credit loan offers from lenders that only perform operations over the internet.
Creating a website is easy and scammers can make it look professional to attract borrowers. To be sure, check the office address of the lending company that is listed on the website and verify if the office does exists. As much as possible, personally visit the office and meet with the representative to find out more information about the loan offered.
Instant Installment Loans-Suitable method to satisfy small and instant needs
Are you at the situation when out of funds due to inadequate income and endless needs? To meet your instant financial woes, you need to hold additional funds. The assistance of instant installment loans is powerful source of finance that offers you hassle free financial aid with the ease of your doorway. These loans are considered as useful when you are facing some difficulties in the repayment of loan money. Thus, quickly apply with this financial aid for the better and pertinent financial facilitate.
Instant installment loans are small loan assistance that offers effective financial deal to the needy people. Therefore, if you are incapable to pledge any collateral, you can enjoy the aid of this loan deal without any fuss. The loan money that you are allowed to avail can be ranges from $100 to $1500 with easy repayment tenure of 14 to 31 days. One can live a life removing the financial woes using this loan aid. You can spend the loan money for meeting many desires purposes such as meeting medical care costs, grocery bills, unexpected travelling expenses, education fee of your child, shopping bills and so on.
No matter whether you are a good creditor or bad creditor, you can enjoy the assistance of installment loans without any credit issues. Moreover, presence of several bad factors like insolvency, CCJ, arrears, defaults, late payments, skipped payments and so on do not affect the approval of loan. Do not worry and get this loan aid without facing any bias and discrimination.
Approval can be accomplished by the applicants if you meet the simple eligibility criteria that are as follows:
1. Stable domicile of US
2. An adult with eighteen years or above
3. Regular employment earning at least $1000 per month
4. Bank account under the name of the applicant is necessary
5. Have good repayment ability
Use the internet that is quite preferable among the application due to its speed and simplicity. You need not have to stand in long queues and waste your time. Many lenders are available at online financial market that offers you the loan deal at varied rates. Proper research of World Wide Web will let you grab the deal with reasonable rates. Also, application of loan is quite easy as you just have to fill a single application form available on the lenders site and submit it there. Approval can be given with the borrowed amount of money transferring in your bank account. Few clicks of mouse let you enjoy the affordable deal at your doorway.