Many would prefer having "shortcuts" or a quick fix in resolving their financial difficulties and it is hard for them to resist temptations from private lenders who are offering guaranteed approval on bad credit personal loans to applicants who have unsatisfactory credit score. In addition, it is common to find such advertisement on the internet including internet search results page, blogs and other possible online resources.
If you are currently experiencing financial problems and looking for an all-purpose loan for people with bad credit - does this particular guaranteed loan approval available for desperate loan seekers? Here are a few things that you should know:
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1. Private lenders would normally look into applicants' credit history - Basically, these lenders would still look into their applicants' credit history although they are offering financial solutions for applicants with bad credit scores. In other words, they would unlikely to grant loans to applicants who have critically low credit scores.
2. Guaranteed loan approval is implying granting co-signer loans to their applicants - If a private lender does not perform credit check on their applicants' credit history because they will perform such credit check on the guarantor of the co-signer loan application. Therefore, it is a compulsory that the guarantor must have a good credit score and a stable income. Like the above mentioned fact earlier, they would still look into one's credit history - but in this case, it's on the guarantor.
3. Don't be tempted by guaranteed loan approval on the phone - Ignore those advertisements (either online or offline ads) which indicates lenders who offer guaranteed loan approval on the phone as it is an illegal loan lending practice in the U.S. by approving loans on the phone and ask their clients for an upfront payment.
4. It is risky to apply for such financial solution with guaranteed approval if the lenders do not have a BBB accreditation - It can be possibly a scam artist's trick to deceive loan seekers to purchase their bad credit loan products. You need to ensure that private lenders have a BBB accreditation - hence, you need to check out their trustworthy loan lending business based on Local Better Business Bureau Guide, in which you can obtain free company reviews which elucidates information about the lender's BBB ratings (which represent the credibility of one's business), company contact details and customer complaint history.
In conclusion, guaranteed bad credit loan approval is only a common marketing tactic that attracts potential clients to purchase lenders' loan products. Therefore, you need to make sure that these private lenders have a BBB accreditation and offering legitimate financial solutions for financially weakened applicants.
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