Six Considerations for a Reliable, No-Credit-Check, Online Personal Loan

An excellent way to solve the financial problems of many folks would be to consolidate all debt into one single personal loan. Unfortunately, in these recessionary times, many financially strapped people, especially those with poor credit history, have little chance of landing a loan such as this from traditional brick and mortar lenders. Alternatives to these lenders are available.Six ConsiderationsBorrowers may see advertisements online pushing no-credit-check loans. With healthy skepticism is the way lenders such as these should be approached. In order to find a reliable lender who does not do credit checks, consider the following six points of information.One: Better Business Bureau (BBB)Check out that online lending firm. One of the most effective ways to do this is to go online and scour the business directories provided by the BBB. If you do not find the lender you are considering in these files, if might be prudent to skip that lender.Two: Scrutinize the ReportsYou should find reports about the lender and a rating according to how they have treated customers in the past. Look to be sure the lender has a BBB accreditation and a customer complaint record. Choose the lenders that have an A-Rating and a clean business record. Look for five lenders that seem to offer the best terms. You should start a journal to jot down the details of each lender. You can view this as sort of a shopping list.Three: Make InquiriesApproach four or five lenders that have passed the BBB tests above. You should shop around to find the lenders that offer the best interest rates and easiest terms for payoff. Initially, be sure that the lender does indeed offer loans with no credit check. Visit their websites and make applications to all. Keep your figures the same across all applications so you can get a steady look at they all treat the same loan criteria.Four: Be CarefulWhether the lender wants to talk to you over the phone or chat via the internet, be cautious. Beware of those who promise you instant approval. Sometimes bogus lenders use this is a come-on to steal your personal data – identity theft. Get everything in writing and do not sign anything you do not understand.Five: Find a CosignerWhile a lender may not check your credit report, they may ask you to find a cosigner and they will verify their credit and job status. But that is okay. Of course, the cosigner should know that if you default on a loan, the burden for payback is on them.Six: Figure the CostWatch out for unexplained fees or hidden costs. Be sure the lender has divulged every cost or fee. You need to know the interest rates, application fees, and administrative fees. This is another reason why it is important to shop around. And if you are using lenders from the BBB directories, they should be pretty up front about all this.Lenders Will Work With YouLenders want your business. That is why they are there, to make loans to folks such as yourself. If you are careful, you will find a lender who will work with you in light of your financial situation.