Image by Bart Claeys via FlickrHaving poor credit is unfortunate and unavoidable especially during global economy crisis. It is indeed challenging to look for debt consolidation loan when you have bad credit. However, looking for a good lender is not impossible if you put in hard effort to search for it. In United States, there are many lenders which are specialized in providing financial assistance for people with bad credit. However, among these lenders, some are scams.
In order to get a genuine loan provider, you are advised to follow the tips below:
# Tip No. 1 - Look for referrals
For people with low credit score, they are advised not to waste their time to apply for loan from traditional financial institutions. They are encouraged to obtain recommendations from their banks, legal consultants or someone they know. You need to look for reputable debt consolidators so that you are able to minimize your financial risk.
# Tip No. 2 - Verify the lender's credentials
You must be extra careful when you are assessing the background of the potential lender. You are advised to contact the Better Business Bureau to verify the credentials and reputation of the loan provider. You need to find out whether there is any record of consumer complaint against the company. If there are many complaints reported, you are advised to stay away from the loan provider. In United States, there are some states which prohibit the operation of commercial debt consolidators. Hence, you are reminded to check your state's licensing requirements carefully.
# Tip No. 3 - Find out the services provided by the lender
In order to save your cost, it is always better for you to look for non profit debt consolidation loan providers. As a consumer, you are reminded to find out the details of the services provided by the lender. In general, most of the lenders provide free consultation to their clients. They also assist their clients to work out a proper budget plan based on the individual's financial position.
# Tip No. 4 - Get a written proposal from the lender
Before taking up the loan, you are advised to get a formal proposal from the lender. The proposal must include the details related to interest rate, duration of repayment, monthly repayment amount and other terms involving collateral. Read the proposal carefully before signing the loan agreement.
You need to keep the 4 tips stated above in mind when you are looking for loan. It is essential to assess the potential lenders carefully because we don't want to make our credit worse.
source: http://www.articlesbase.com/loans-articles/how-to-get-a-reliable-debt-consolidation-loan-provider-when-you-have-bad-credit-1892404.html
In order to get a genuine loan provider, you are advised to follow the tips below:
# Tip No. 1 - Look for referrals
For people with low credit score, they are advised not to waste their time to apply for loan from traditional financial institutions. They are encouraged to obtain recommendations from their banks, legal consultants or someone they know. You need to look for reputable debt consolidators so that you are able to minimize your financial risk.
# Tip No. 2 - Verify the lender's credentials
You must be extra careful when you are assessing the background of the potential lender. You are advised to contact the Better Business Bureau to verify the credentials and reputation of the loan provider. You need to find out whether there is any record of consumer complaint against the company. If there are many complaints reported, you are advised to stay away from the loan provider. In United States, there are some states which prohibit the operation of commercial debt consolidators. Hence, you are reminded to check your state's licensing requirements carefully.
# Tip No. 3 - Find out the services provided by the lender
In order to save your cost, it is always better for you to look for non profit debt consolidation loan providers. As a consumer, you are reminded to find out the details of the services provided by the lender. In general, most of the lenders provide free consultation to their clients. They also assist their clients to work out a proper budget plan based on the individual's financial position.
# Tip No. 4 - Get a written proposal from the lender
Before taking up the loan, you are advised to get a formal proposal from the lender. The proposal must include the details related to interest rate, duration of repayment, monthly repayment amount and other terms involving collateral. Read the proposal carefully before signing the loan agreement.
You need to keep the 4 tips stated above in mind when you are looking for loan. It is essential to assess the potential lenders carefully because we don't want to make our credit worse.
source: http://www.articlesbase.com/loans-articles/how-to-get-a-reliable-debt-consolidation-loan-provider-when-you-have-bad-credit-1892404.html
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