loans? dodgy credit rating? how come?

Question

yeah, how come some companyshave turned me down, yet for a "small set up fee" i can get A GUARANTEED,loan. is this crap or wot?

Answer 1

From the Federal Trade Commission on "advance fee scams"

Legitimate offers of credit do not require an up-front payment. Although legitimate lenders may charge application, appraisal, or credit report fees, the fees generally are taken from the amount borrowed. And the fees usually are paid to the lender or broker after the loan is approved. Legitimate lenders may guarantee firm offers of credit to “credit-worthy” consumers, but first, they evaluate the consumer’s creditworthiness and confirm the information in the application.

Often, advance-fee loan sharks claim that their fees will go to a third party for credit insurance or a related service. Sometimes, they even fax materials using stolen or forged logos and letterheads from legitimate companies. The materials are fakes, according to enforcement officials, and the contracts the scam artists ask consumers to sign are worthless. Adding insult to injury, some scammers have used the information they collect from consumers to commit identity theft.

Often, advance-fee loan scammers direct applicants to send the fees via Western Union money transfers payable to an individual, rather than a business. They ask applicants to use a “password code” with their Western Union payment, which allows the scammers to hide their identity.

U.S. law enforcers say consumers can avoid being taken by advance-fee loan sharks. Here’s how:

Don’t pay for the promise of a loan. It’s illegal for companies doing business by phone in the U.S. to promise you a loan and ask you to pay for it before they deliver. Ignore any ad — or hang up on any caller — that guarantees a loan in exchange for a fee in advance.

Remember that legitimate lenders never guarantee or say that you will receive a loan before you apply, or before they have checked out your credit status or contacted your references, especially if you have bad credit or no credit record.

Don’t give your credit card, bank account, or Social Security number on the telephone, by fax, or via the Internet unless you are familiar with the company and know why the information is necessary.

Don’t make a payment to an individual for a loan; no legitimate lending organization would make such a request.
Don’t wire money or send money orders for a loan through Western Union or similar companies. You have little recourse if there’s a problem with a wire transaction. Legitimate lenders don’t pressure you to wire funds.

If you are not absolutely sure who you are dealing with, get the company’s number in the phone book or from directory assistance, and call it to make sure you’re dealing with the company you think you are. Some scam artists have pretended to be the Better Business Bureau or another legitimate organization.

Source(s):

http://www.ftc.gov/bcp/conline/pubs/tmar...

Answer 2

If I were you I would be concentrating more on why you are being rejected by 'normal rate' loan companies. If you are aware of why your credit rating is scoring poorly then start to rebuild it and repair it. Futher help and advise on how to do this is available for all at http://www.ccjhelp.co.uk/advice.htm

And there are plenty of loan companies who will loan you money (albeit at a higher rate of interest for what they consider riskier lending) without charging you 'small set up fees' ! It's just a case of finding them.

Answer 3

Hi.
This is a well recommended site for no credit check/bad credit loans with no fees :
http://oh.vc/s2Gv209ve

Answer 4

For Credit and finance solutions I recommend this site where you can find all the solutions. http://creditandfinancesolution.info/index.html?src=5YAWds13tGY73fDG1

RE :Loans? dodgy credit rating? how come?
yeah, how come some companyshave turned me down, yet for a "small set up fee" i can get A GUARANTEED,loan. is this crap or wot?
Follow 9 answers

Answer 5

For a small setup fee you can get a canceled check. Figure it out.

Answer 6

yeah, u can get a loan... example... bad credit history... £12,000.00 you'll end up paying treble that back over 10yrs....CRAP APR...terrible acctually...more than 25%.... clear your credit history and look again..

Answer 7

It sounds to me like you need to repair your credit.

In order to improve your credit score, you may need to both eliminate negative information as well as establish positive credit history.

Get free credit repair help at http://aaacreditguide.com/

Answer 8

These are scams, you will not get any money, it is crap. Dont do it.

Answer 9

sounds predatory to me.....