If you have bad credit but need a 500 dollar loan, maybe it is better to carefully consider whether you will end up even poorer due to personal loans with higher interest rates. Due to the high risk involved, even reliable money lenders require more fees and interest on unsecured loans. You may find it tough to pay off the lenders if you are already in financial difficulties. That is why high risk unsecured loans may not be the best option when you are declined by the banks for a loan.
The situation may be even worse when the well established and legitimate loan companies that provide real and fair bad credit loans turn you away and you decide to approach loan sharks. The interest fees are even higher on these predatory and unethical lending services.
Here are some tips when looking for reliable loan lenders who can accept people with poor credit:
Many online direct lenders for $500 loans do not require collateral. Hence, you can take your time to compare rates. It is easier to use a loan broker such as AmeriAdvance.com, so that they can help you match your profile to a variety of lenders, and help you find a loan you can qualify with your credit score.
Check the loan companies' profile at the Better Business Bureau. It is recommended to take installment loans for bad credit from licensed providers as you can check for any consumer complaints at the BBB directory. Even if a loan company gives you a very attractive loan offer, make sure it has a minimum 'B' BBB rating. Companies with low BBB ratings are more likely to have hidden fees and unfair clauses you may not have noticed until its too late.
If you have friends who have gotten an online loan before, seek their opinions on the fees and payment arrangements. Are these same day decision lenders willing to provide terms such as loan payment extension whereby you can postpone the payment date by 30 days while paying on the financing fees or part of the principal? Are the lenders willing to give short term loans as long as you have a stable income? Can you get a $500 loan today?
Be wary of unbelievably good deals. For example, do you think it is possible for a lender to give very large loans without proper income verification or collateral? The risk is too high and thus this is more likely to be a scam. All legitimate loan companies will perform some background screening on borrowers to determine whether they are suitable for a loan.
If you follow the above guidelines for identifying top loan companie and these questions on bad credit loans, it will help you avoid the illegal loan sharks. You can also file a complaint at the Federal Trade Commission (FTC) against any lenders if you have been unfairly treated. Despite the poor reputation of the entire industry, there are still many trustworthy short term loan companies on the internet.
The situation may be even worse when the well established and legitimate loan companies that provide real and fair bad credit loans turn you away and you decide to approach loan sharks. The interest fees are even higher on these predatory and unethical lending services.
Here are some tips when looking for reliable loan lenders who can accept people with poor credit:
Many online direct lenders for $500 loans do not require collateral. Hence, you can take your time to compare rates. It is easier to use a loan broker such as AmeriAdvance.com, so that they can help you match your profile to a variety of lenders, and help you find a loan you can qualify with your credit score.
Check the loan companies' profile at the Better Business Bureau. It is recommended to take installment loans for bad credit from licensed providers as you can check for any consumer complaints at the BBB directory. Even if a loan company gives you a very attractive loan offer, make sure it has a minimum 'B' BBB rating. Companies with low BBB ratings are more likely to have hidden fees and unfair clauses you may not have noticed until its too late.
If you have friends who have gotten an online loan before, seek their opinions on the fees and payment arrangements. Are these same day decision lenders willing to provide terms such as loan payment extension whereby you can postpone the payment date by 30 days while paying on the financing fees or part of the principal? Are the lenders willing to give short term loans as long as you have a stable income? Can you get a $500 loan today?
Be wary of unbelievably good deals. For example, do you think it is possible for a lender to give very large loans without proper income verification or collateral? The risk is too high and thus this is more likely to be a scam. All legitimate loan companies will perform some background screening on borrowers to determine whether they are suitable for a loan.
If you follow the above guidelines for identifying top loan companie and these questions on bad credit loans, it will help you avoid the illegal loan sharks. You can also file a complaint at the Federal Trade Commission (FTC) against any lenders if you have been unfairly treated. Despite the poor reputation of the entire industry, there are still many trustworthy short term loan companies on the internet.