In these recessionary times, not only is the general economy in dire straits, many consumers find themselves wallowing in debt with no easy way out. There are those unscrupulous lenders who would prey on people such as this, especially when it comes to substantial high-value loans. People can be caught in this net of shady lenders, because traditional brick and mortar financial institutions are making it harder and harder for folks with bad credit to qualify for high-value installment loans.
Private or Non-Traditional Lenders Can Lend a Hand
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In light of these facts, if you are desperately looking for a legitimate $10,000 solution to your debt problems, you should probably approach a private, not-traditional lender. Consider the following words to the wise before choosing such a lender.
Latest News
By becoming a member of an online forum set up for folks who are sharing their experiences with non-traditional lenders, you will be able to learn the latest about the ins and outs of the non-traditional lending market. Plus you will get the skinny on those dealers who are reputable and those who are not. These forums are easily found online and require nothing but the ability to type to join.
Better Business Bureau
Go online to the BBB website and start scrutinizing their lists of non-traditional or personal lenders. First of all, the BBB is just a comprehensive shopping list of non-bank lenders who are operating and how they do business. Look for lenders who do not require collateral and do not perform credit checks. More importantly, their ratings by the BBB are prominently displayed so you can avoid the bad apples. Nobody is perfect, so stay away from lenders who have less than a B-Rating.
Testimonials
You can look for personal testimonials from borrower clients who have dealt with many non-bank lenders. You can find forums with these sorts of threads via social networking sites. Again, these sharing sites are easy to find online. Believe it or not, you can even find YouTube video testimonials from former clients of many non-traditional lenders. This can be a rather intense way to filter out a lot of the bad news lenders.
Get On The Phone
Do not hesitate to call or email prospective non-traditional lenders. You are going to eventually have to do it anyway. Ask about the exact interest rates, any fees, terms of repayment, and other conditions. Be frank and tell them you have lousy credit and that you are in need of $10,000. They can just say no or they will start to do business with you. Just remember, you are the customer and they need folks such as yourself to continue successfully. You are the customer AND the boss.
Be Wise
Choose a loan package that best suits your needs. There are a lot of non-traditional lenders in the market and you should be able to pick and choose the lender who is best for you. You should be looking for low interest rates, low fees, and acceptable terms of repayment. You will also want to be aware of how soon the lender can get you the money. You want to be aware of what documentation they might request. If you feel uncomfortable for any reason, withdraw your application. You are under no obligations at all until the money is in your bank account.
Fulfill Your Obligations
Once you have taken the loan, be sure to stick to all the agreements in the contract. By doing so, you will give yourself peace of mind, you will also improve your credit score.
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