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Jane- Don?t pay upfront. It?s against the law for telemarketers to charge any fees in advance if they guarantee or claim that it?s likely that they can help you get a loan.
- Don?t fall for promises that you?ll get a loan regardless of your credit problems. If you have poor credit or haven?t established a good credit record yet, it?s unlikely that anyone will lend you money. Your credit history is one of the main things that legitimate lenders use to decide if you are a good credit risk.
- Do business with licensed companies. Ask your state banking or finance department about the licensing requirements for lenders and loan brokers, and find out if the company has complied.
- If you can?t get a loan yourself, get a co-signer.
A friend or relative may be willing to apply with you for a loan. You will both be equally responsible for the payments.
- Get all the costs and other details before you decide.
Shop around for the best loan rates and fees.
- Have proof of what you were promised. Get the agreement in writing or in an electronic form that you can use to document the deal.
- If you have credit problems, get counseling. Your local Consumer Credit Counseling Service (cccs) can provide advice about how to build a good credit record. the cccs may also be able to make payment plans with your creditors if you?ve fallen behind.
these services are offered for free or at a very low cost. to find the nearest cccs office, call toll-free, 800-388-2227, or go to
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