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Friday, July 26, 2013

Avoid a Bad Credit Loan

Financial crisis and rising unemployment have given rise to a state of desperation, where people are in real need of financial back-up. A loan is a good option, but it has to be backed by a good credit score or reliable collateral. Without these, you cannot qualify for a loan. If in such a situation, you are offered a credit loan without a credit check or other usual obligations, you can be sure of one thing - It is a Bad Credit Loan Scam.

Depending on the amount you want to borrow, fake lenders may charge an appropriate fee, for which they promise to grant you a loan. This fee may be called an origination fee, insurance fee or even collateral for the offered loan. A victim who falls prey to such tactics will pay the fee and wait for the loan, but never receives it. And by the time reality hits you, the money is long gone. So how do you identify a credit loan scam?

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Indications of a Bad Credit Loan Scam

1. Loan over the phone - The law forbids granting of a loan over the phone. If you are offered a loan over the phone by a 'lender', it is likely to be a bad credit loan scam.

2. Request of upfront payment - There are exceptions of a fee when you apply for a mortgage. Even this fee is small and does not guarantee a loan. Barring exceptions like these, for an authentic loan no advance fee is demanded.

3. Avoidance of credit history - No legitimate lender offers a loan without a thorough analysis of your credit history. Unless your credit score is favorable, a loan cannot be guaranteed. If a lender promises to offer a loan with low interest rates without looking at your credit history, it's surely a bad credit loan scam.

4. Request for money to be wired - Avoid an offer that requests you to make payment to an individual or an account. Legitimate loans are not offered this way.

5. Lender not registered in your state - As per law, it is necessary for lenders to register in the states where they operate. So you can confirm the authenticity of the lender by verifying his registration.

It is always better to take advice on debt management before you opt for a loan. Your debt management plans can be ruined if you fall prey to a loan scam. Fortunately, the law makes strict restrictions and guidelines to ensure that there are no such malpractices. However, it is necessary for you to be cautious and alert. If you are not sure and do not feel safe, there are debt management programs that can educate you on wise choices.

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