The average consumer is bedeviled by these recessionary times and often is looking for a shortcut to solve their financial difficulties. The promise of a substantial loan with guaranteed approval, even for those with bad credit, may be a rather enticing quick fix.
Certainly on the internet and in web blogs, but also on billboards, on fliers, or in newspaper classifieds, one can always find advertisements from lenders offering guaranteed personal loan approval for all applicants, no matter how bad their credit. Before you even contact such a lender, there are some things that you should know.
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The Credit Check
Even though these private lenders push the fact that they will grant loans no matter what your credit score, most will still run a credit check. They will probably refuse you if your credit score is critically low. Should that happen, the lender will probably suggest getting a cosigner.
A cosigner is usually a trusted friend or family member who is gainfully employed and has a better credit history than you do. (The cosigner should realize that by signing onto the loan they are liable for any unpaid amount should you default for whatever reason.) The lender will certainly run a credit check on your cosigner.
Guaranteed Loan Approval Is a Fantasy
Face it, if any lender guaranteed a loan to each and every applicant, that lender would not be in business very long. Also, do not be tempted to call an 800 number for easy access to a guaranteed loan. This is probably a ruse to get you to pick up the phone and call the lender so a person can gather all your vital statistics and then ask for an upfront fee.
Legitimate lenders do not approve loans over the phone; that is against the law. Some sort of contract or documentation, electronic or paper, must be shared between the lender and the borrower. Legitimate lenders will not ask for an application fee upfront. Fees should only accrue once a loan has been granted.
The Better Business Bureau Points Out Risky Business
Before approaching any lender, it would be wise to go to the Better Business Bureau (BBB) and check up on the lender. If you cannot find the lender in the BBB business directories, you should not be doing business with that company.
Once you do find a lender in the BBB directories, you will see a rating from A to F. Stick with the A-lenders. You will see a profile of the company. You will see customer satisfaction testimonials. You will find full contact information.
Fly Paper Marketing for Guaranteed Loan Approval
Offering guaranteed approval is a marketing gimmick to get you in the door, so to speak. Like flypaper, once you land, you are probably stuck. Once an unscrupulous lender has you on the phone or filling out applications, they have done half the job of getting you to purchase one of their loan products.
They are often successful because a poor credit applicant comes to feel like the lender is doing them a favor. Always remember that you are doing the lender a favor by offering your business. You are the boss. Do not deal with condescending lenders who make you feel bad about your poor credit history.
Guarantee Yourself Against Bad Lenders
Remember, guaranteed approval for a bad credit personal loan is never 100% true. Check with the BBB to learn crucial information about the lender. Do not agree to anything over the phone. Do not pay any upfront application fees. Do not deal with a lender who makes you feel like they are doing you a favor or makes you feel needy and uncomfortable about your credit history. Armed with this information, you will probably find a decent lender who can accommodate your financial goals.
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