Poor Credit Personal Loans – How to Find A Trustworthy Non-Bank Lender

By | March 26, 2013

Have you ever experienced several counts of failures especially when your personal loan application has been rejected number of times by non-bank lenders? Many have been misinformed that it is extremely an easy task to obtain poor credit personal loans from non-bank lenders. It is obvious to see many advertisers are taking advantage of fragile loan seekers by providing loans with outrageously high annual percentage rate (APR). However, many unfortunate incidents such as being lured by unscrupulous lenders can be prevented by searching for a trustworthy non-bank lender.

Here are some tips that can help you find a reliable lender who offers poor credit personal loans:

Tip #1: Determine the trustworthiness of a lender based on BBB rating

You can possibly check out a business by using Better Business Bureau directory. Furthermore, you can view report showing all the important details of a lender including business history and record, total complaints received, contact information, BBB rating and many more. Always take note of the lender’s BBB rating and consider them who have at least a “B” rating.

Never solely rely on others to find a suitable lender for you – that is when the blind leads the blind happens and the outcome could be disastrous. It is better that you search for both BBB and non-BBB accredited non-traditional lenders from the local BBB directory. If you live in Central Florida, you need to check out CentralFlorida.BBB.org, instead of visiting the main BBB.org site.

Tip #2: Using Google Maps to locate non-bank lender

You can possibly locate reputable lenders who offer poor credit personal loans by keying in the following query on Google Maps:

“Poor Credit Personal Loans [type in the name of your state/area here]” or “Bad Credit Personal Loans [type in the name of your state/area here]”

For instance, by performing this search above, you can view the location of the lender (or loan company), as well as other related details such as BBB accreditation, user reviews and many more. With this method, you can locate those lenders that offer poor credit personal loans off-line.

Tip #3: Never trust a lender offer loans which have high interest rates applied

Once you have gathered a list of non-bank lenders, start calling them for inquiries about their poor credit personal loan products.  Avoid any loan packages that have high APR although these loan packages have affordable monthly repayments – in fact, you are paying more interest than usual.

Tip #4: Never trust a lender who grants large loan amount without putting up collateral or having a guarantor

Normally, a lender would only grant large loan amount to their loan borrower based on the borrower’s or the guarantor’s creditworthiness. This lending practice also applies to their loyal clients as there are no priorities to their loyal or existing clients.

Be sure that you find as many non-bank lenders as possible in order to find the most affordable poor credit personal loan deal.

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