Since the economic crash of 2007, many people have found that obtaining personal loans has become extremely difficult if not impossible. In the first half of the decade, the rise of the internet made it incredibly easy for Americans to apply for credit. Every day it seemed a new offer for loans launched. It is estimated that 45% of Americans have applied for loans online. The rise in popularity of online loan seeking has also led to an increase in fraudulent loan sites. It is important to make sure that the site you are using is not a phishing site. An easy test is whether or not they have an SSL cert. If they won't pay for SSL, they most likely are not a legitimate loan site. Using common sense will help keep you out of a lot of bad situations
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A new breed of site has appeared and is much more useful in today's economy. Many sites are now a loan referral service that takes your general information and helps recommend the best match based on your profile. These services save you time and help protect yourself because you are not applying to dozens of sites. One application can get you referred to a targeted few lenders that give you the best chance of getting funded. How accurate these sites are is up to the person applying for the loan though. You have to be as accurate as possible because these sites are not pulling your credit. Most of the time, these sites will ask you for your most current credit score. If you do not have a credit score from the last 30 days, you should sign up through their link, if provided, and use the current score. This is one of the most important steps in this process. Getting a bad credit loan today is difficult, but not impossible. It is important to protect your identity and to also keep the hits to your credit report to a minimum. Using one of these services will help you accomplish both of these, and their credit score programs can actually help you lower your credit score by removing inaccurate items from your credit profile.
One last note about applying for a bad credit loan. If you are ever contacted by a company asking for an upfront fee, please do not pay it. Upfront fees for a loan are a scam, and are illegal. Never, ever pay an upfront fee for a bad credit loan. It also is not worth paying for access to a list of bad credit lenders. These sites charge you $49 for access to a list of "exclusive bad credit lenders" when in reality, all they did was Google "bad credit lenders" and put the results into a file. Save yourself the money and order identity protection or something useful. You have to remember that you are responsible for protecting yourself online. Treat every website as you would a stranger, and exercise caution when filling out forms.
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