Bad Credit Loans
One of the consequences of bad credit is that it is difficult to borrow money. The lenders perceive you as a risky borrower who may not meet the loan terms, so many will refuse your request. For this reason, borrowers with bad credit are often targeted by \companies\ that offer bad credit loans. Unfortunately, these loans are often scams designed to entice you to give up funds. In a bad credit scam, the \lender\ often promises to send you a loan, but only after first sending a fee to get the loan. They can be as low as $ 50 or up to several thousand dollars depending on the amount you borrow. \Lender\ might call this a loan origination fee, loan insurance fee, or even a guarantee for the loan. You send the money and wait for your bad credit loan, but you never receive it. Unfortunately, by the time you realize what's going on, your money has long gone and the lender can not be found. It is illegal for a company to promise to lend you money in exchange for a commission. loans. Not only do legitimate lenders not need a payment to allow you to borrow a bad credit loan, but it is not wise to pay to borrow money.
The most obvious sign of a bad credit loan is a scam is an initial payment request. (Note that with a mortgage or car loan, there will be a down payment on a mortgage loan or a car loan or a closing fee.) Scams and other bad loan scams said generally guarantee that you will receive a loan, even before they verify your credit. They promise to give you a bad credit loan regardless of your past credit, income or past bankruptcy. But, no legitimate lender will give you a loan without some assurance that you will repay the loan. A sign that you are dealing with a scammer is that the company asks you / requires you to send an upfront payment in a manner other than US mail and a personal check.
Because there are strict laws on postal fraud in the US, crooks do not usually receive payments through the mail. Instead, they often ask that you send them the payment. Scammers are increasingly asking victims to send money via Green Money MoneyPak, another method that is difficult to trace once the funds have been sent out. Do you care about lenders in foreign countries like Canada or the Caribbean? These are the two most common places that bad credit loan scams seem to come from. It is not because the loan comes from a place other than these two places that it is legitimate. Carefully compare the loan to the other criteria to check the loan for bad credit. Do you have companies that request your social security number, bank account number or credit card number without providing you with written documentation? on the loan. Avoid giving sensitive information over the phone unless you have made the call to a company you know and trust. If you have been the victim of a bad credit loan scam, contact your local law enforcement agency as soon as possible.
You should also inform your attorney general of the state, the FBI if the company was from another state or country, and the Federal Trade Commission. It is also a good idea to tell the Business Ethics Office about the scam to warn other consumers of the trap. You need money now, and it's as simple as that. Because things happen. Maybe a big expense has arisen, maybe you need to pay bills, or rent a moving truck to move for a job. And the amount you need is not huge - $ 500 or maybe a thousand.In a perfect world, everyone would have a good savings account to draw on. But the reality is quite different, as recent studies show that 60% of Americans have less than $ 500 in savings. (1) To make matters worse, more than half of Americans have a \bad credit\ - a FICO score of 620 or lower. (2) So, if you have bad credit and need money now,
