Bad Credit Installment Loans – Getting Fast Approval Bad Credit Installment Loans Is Not a Good Idea

July 31, 2011 by  Filed under: Loans 

Advertisements about fast approval bad credit installment loans have been misleading consumers over the media, claiming that non-bank lenders have the ability to save one’s finances by granting such loans in less than a day, or within a short couple of hours. Some people, who experience financial hardships, still act hastily by borrowing loans from non-reputable non-bank lenders, not knowing that some unscrupulous non-bank lenders would charge them unreasonable upfront payment, or lure them to their identity theft syndicate.

Here are several reasons having fast approval bad credit installment loans is indeed not a good idea:

  1. Insurmountable annual percentage rates (APR) – Some non-bank lenders offer loan products with extremely high APR although it has an affordable monthly repayments. Ask yourself whether it’s worth to pay off higher loan amount within a given loan term. Thus, check out the total APR of bad credit installment loan products as your main reference point. Like payday loans, the APR can be unreasonable high – for instance, between 100 to 200 percent!
  2. Fast approval installment loans indicate scam possibilities – In fact, non-bank lenders normally would take some time to review your loan application including your current financial status as well as your credit score. If a lender keeps pushing you for social security number and other personal particulars, this could indicate an act of a scam artist. Besides that, snub those lenders who claimed that they approve loans spontaneously on the phone as this lending procedure is consider illegal.

Hence, if you are looking for reliable bad credit installment loans – consider those offered by BBB accredited non-bank lenders. Here how you can look for these lenders:

  1. Visit Better Business Bureau website – BBB.org/us. Be sure that you type-in the site URL correctly.
  2. Then, use the “Check Out a Business or Charity” feature, and begin searching on “bad credit installment loans”
  3. Be sure to check the “BBB Accredited” box to obtain only loan companies or non-bank lenders which have BBB accreditation
  4. View several lenders’ BBB reports to obtain information such as ratings and contact details, and jot down all these information
  5. Call lenders for loan inquiries, and ask appropriate questions including the loan application procedure, as well as the loan product information
  6. Make comparisons among different bad credit loans offered by different lenders

In fact, you shouldn’t be tempted with fast approval bad credit installment loans which are advertised widely in various online platforms, as you can possibly save a lot of money if you are able to shop for a lower APR loan from a trustable BBB accredit non-bank lender.

Many have problems of getting reliable bad credit installment loans online during desperate times. Start looking for more FREE effective guide and tips on getting the right installment loans online – visit http://BadCreditInstallmentLoansOnline.net

Article Source:
http://EzineArticles.com/?expert=Jayden_J._Jones

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