I have been thinking about applying for a loan online. Would you advise for or against? Any recommendations?
Answers:
Sandy, you don't want to divulge your credit information online. You have no idea who are giving it too. If you are giving it to someone out of the country or someone who is not with a federally insured bank you have no protection if you are being scammed. 99.9 of the online offers are scams. I have not read your thread yet, but I would venture to guess most answers are spam.
Work locally, in your own community. Look up every business with the Better Business Bureau, bbb.org. This is the best way you can protect yourself.
If you need a reference ask your friends or any real estate people you know (they know who is good in the loan agency, they don't want to loose a sale because of the loan).
My expereince online has been poor. I really recommend finding another place. I received alot of solicitation afterwards, and I dont feel that it was worth it. Best of Luck!!
Applying for a loan on line is just like applying for a loan in person or over the phone. It's not the means of communication that you want to conciser, it's the loaner. Research the institution, find out if there reputable. Learn about there fees and rates. Talk to people who have used there services before. And most importantly, make sure your borrowing for the right reasons. Loaned money is meant to advice your financial future not make it worst. Don't borrow to satisfy short term needs.
The loans that you see advertised on line are short term locked in rates, They give you a loan at a great rate ( but expensive fees) for 2 years and then hike the interest rates after that . If you apply for one with the intention of refinancing in 2 years at a local bank it really isn't too bad of a deal except that you pay all the fees up front. I would recommend going to a local bank or credit union. There has been a large increase of foreclosures across the country because of these kinds of loans. People can't get re-financing due to credit problems and end up loosing their homes. So just be careful.
Applying for a loan online is no different than applying anywhere else-just more choices and more confusion. You still have to do your homework. Check everyone out. BBB, local chamber of commerce, etc. Use companies that have been around for a while.
Just remember this. You are a buyer in this situation. Someone else is a seller. They are trying to sell you a loan.
Next I would advise you to work on your credit score. That little three digit number literally affects every aspect of your life from loan rates, to where you live, even where you work.
Hi
am Mr Greg i operate a money lending institute i give out loan at the rate of 3% if you need one contact us via gregwilson2007@yahoo.com
NOTE:open to all.
As long as you are getting a loan from a reputable company online, then there is no problem with doing business online. Check w/the Better Business Bureau before sending any personal information to a company that you might be unsure about. This site also has some helpful info. and resources about bad credit loans. Good luck! http://loan.divinfo.com/
Make sure that if you get a consolidation loan that you don't use that lower payment to free up income to get into more debt. If you do then you will right back to where you started and in worse shape. When you consolidate you really haven't paid any debt off just shifted it around. You have to draw a line in the sand and realize that borrowing money hasn't been working for you. Work on your budget and start paying cash and saving for what you need.
If you can get a loan get it from a local bank or even better a local credit union. You may have to go in and talk to someone with a brain and show them that you are not just wanting to borrow more money but rather that you are trying to get out of debt. Good luck!
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