In these recessionary times, many folks are falling prey to financial problems that may seem inescapable. Many of these folks are considering bankruptcy as the only way to solve their debt problems. Bankruptcy is a formidable solution. Before making the dreaded bankruptcy filing, it would behoove a borrower to search for a lender willing to to lend to those with poor credit histories and heavy debt.
Finding a Lender While Considering Six Points
They are out there. It is possible to find a lender willing to lend up to $30,000. The best place to start would be an online visit to the pages of the Better Business Bureau (BBB). Look for their business listings under lenders while considering these six points.
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Point One
Once you are in the BBB website, find a directory of private lenders and start making a shopping list from that directory. This will allow you to cull the lenders who have less than favorable ratings while giving you information on those who are most probably going to make your financial quest a successful one.
Point Two
Specifically seek out those who have a track record of making large personal loans, $30,000 or above. Scrutinize their exact requirements for folks with poor credit histories. If their record is scanty for loans of this type or their performance with these loans is less than desirable, move on to the list. Compile a list of five or more.
Point Three
Once you have compiled a list, start making telephone inquiries to these businesses to learn more. Ask the same questions you had in mind while going through the BBB files. This will give you a personal gut reaction to the lender. If you feel uncomfortable, scratch the vendor off your list and move on.
Point Four
Another way to check on the lender you are considering, would be to surf online personal finance forums, blogs, and social networking sites, YouTube and Twitter among them. This is a good way to get candid testimonials and feedback. You can learn much from folks who have been through the same process you are anticipating.
Point Five
Watch your step. Look out for promises that are too good to be true because they probably are. For instance, contact with a lender who is promising you pie-in-the-sky all the while quickly wheedling private information from you is a sure sign you are dealing with a culprit, usually an identity theft culprit. Hang up or cancel the proceedings immediately.
Point Six
Again, watch your step. Read every bit about the terms and conditions of each loan offer before signing on the dotted line. If you have doubts or need clarification, demand such from the lender until you feel comfortable that you know exactly what is entailed in taking the loan.
Your Financial Life at Stake
Getting a large personal loan is certainly much better than filing for bankruptcy. Knowing the terms and conditions are within your ability to meet them is fundamental to solving your difficulty. Understand the risk you are taking and have a plan set up to meet your large loan obligation. Without this, you are digging yourself into debt even deeper.
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