Feb
8
By Monty Loree
I got a call at 6:30 am this morning ( OUCH ) from a young 20 year old woman got scammed with canwestcredit.com. She was at work and couldn’t spend alot of time reading our site which is full of information on these Bad credit loan scams.
This painted a scenario for somebody who would apply for a bad credit loan.
If you’ve got bad credit and recently have applied for a loan with Royal Bank, TD Canada Trust, Bank of Montreal, ScotiaBank, Bank of Commerce, and have been denied, then you need to take heed to that.
There are other lenders that may help you out such as HouseHold Finance, which is a HIGH RISK lender.
The point is, if you’re desperate for a loan, you’re probably going to shop at places on the internet that indicate that they can help people with bad credit.
The scammers are telling unsuspecting people that they can help give them a “bad credit loan”. This is obviously appealing to those who are desperate for money.
FIRST POINT TO KNOW:
It’s illegal for a loan company to ask for a fee or down payment up front in order to give you a loan. This is the first alarm bell.
If a bad loan credit officer asks you to wire them money via moneygram, or western union, your money will most likely disappear!!
SECOND POINT TO KNOW:
If you’re not familiar with the bad credit lender, then they may not be legitimate. If you’re seriously thinking of dealing with this company, you need to keep in mind that lenders and mortgage brokers must be licensed to do business in your province. You can call Consumer Protection-Corporations branch to see if this bad credit loan company is registered with the Provincial or Federal governments. ( Banks are registered Federally in Canada )
THIRD POINT TO KNOW
Just because a bad credit loan company has a phone number, doesn’t mean that they’re in Canada.. A phonebusters.com representative that I interviewed suggested that with the tools on the internet, scammers can get a phone Canadian phone number and have it forwarded to Hong Kong or some other far away place. This means that the predators might be living in a far off land while you think they’re in Canada.
FOURTH POINT TO KNOW – IDENTIFY THEFT
NEVER NEVER NEVER give out personal information such as social insurance number, date of birth, address to people or companies you don’t know. In this case, these bad credit loan scammers are more than likely going to steal your personal information and use it to buy products using your name. You’ll get the bill for these stolen products and get stuck with hours and hours of explaining to do with the suppliers that are being stolen from.
BAD CREDIT LOANS ON THE INTERNET ARE DANGEROUS
Here’s my advice… Even if you’re desperate for money, you need to take a few hours to research potential companies you’re going to use to borrow money from. They need to be registered, familiar, and credible.
If you DON’T take the time to research bad credit loan companies in Canada, you’re going to lose your money. It’s a hard lesson. It’s a hard reality. It’s the truth.
Don’t let bad credit loan scammers get away with murder. Do your homework before you borrow money!
Monty Loree is the founder of http://www.canadian-money-advisor.ca which helps Canadians better understand their money, credit and the financial industry in Canada. In our financial podcasts, we are interviewing industry experts who give our visitors the truth about the financial industry. Canadian Money Advisor is an important source for Canadians to learn more about their money.
Article Source: http://EzineArticles.com/?expert=Monty_Loree
Feb
8
Cheap Loan – What You Need to Be Aware of When Applying for One
Filed Under Loans Articles | Leave a Comment
By Liza Mathers
Getting a loan is most people’s first option when deciding to buy a car, make some home improvements, go on a holiday, and even paying for other debts to minimize monthly expenses. When it has something to do with your hard-earned money, then the tendency to find a cheaper but better deal is normal.
The same thing holds true for loans. With the competition in the UK market for lending companies trying to outdo each other when it comes to giving lower interest rates, borrowers are given a wide selection of options to pick from. But that does not seem easy as it sounds. There are some factors one needs to consider and evaluate before applying for a cheap loan.
The Type of Loan That You Need
Not unless you clearly identify what you need the money for, you won’t be able to decide on the type of loan that you need; although we know sure we need a loan that we can afford. There are various types of loans that you can choose from–secured or unsecured loans, payday loans, fast cash loans–and identifying your needs and the urgency of that need will help you determine what type of loan you need to apply for.
The Lending Company’s Reputation
Needless to say, finding a loan should also start with finding a reputable company. The Better Business Bureau will provide a list of well-performing lending companies so you won’t fall prey to wrong publicity of black-listed ones. The Internet is also a good place to search for the right lending company that will give you the best deal when it comes to getting a cheap loan.
The Interest Rates
For most borrowers this is the first thing that they look into. Interest rates will vary from one lending company to another, but they will normally be dependent on how large the amount was borrowed and the length of time that has been agreed for the payoff. Finding a loan that is friendly to one’s pocket will mean scouring around to find the one that asks for the lowest when it comes to interest rates. Don’t forget too that having a bad credit history may affect your application.
The Terms of the Loan
A cheap loan can be availed of with some strings attached of course. There are terms that you need to examine to determine whether they are within your means. How long will you be paying for the loan? Will penalties be charged for late payments? If getting a loan is your primary goal, you will have to make do with additional finance charges as well. Other fees that need to be settled include the processing fee, application fee, late-payment fees, just to name a few.
Take your time to look around for the best cheap loan option. You wouldn’t want to feel frustrated finding out of couple weeks after that you could have gotten the same loan with a lower interest rate. Various personal finance sites in the UK offer cheap loans. With a little patience, some calculation, and wise decision making, you are sure to find the cheap loan that will work for you.
Article Source: http://EzineArticles.com/?expert=Liza_Mathers