Finding a guaranteed, high risk loan is really easy if you are willing to pay the huge fees associated with this kind of loan.
Personal loans in the United States have been escalating for individuals who would normally be denied funds based on very poor credit. Unfortunately the predatory lenders are out in force for these kind of borrowers – and for good reason – profit.
When these lenders promise to guaranteed your approval, no matter how bad your FICO score is, and how bad the credit bureaus see you, then you need to be careful at every step of the way. You have to see what they are trying to sell you here. There are allot of scams out there whereby shady lenders will set up the borrower to lose even more desperately needed money.
You can be sure that if the lender is asking YOU for money there is a problem here, then you are guaranteed to get ripped off. I’ve heard of lenders online asking high risk borrowers to make payments (usually 2-3 payments) up front before the borrower receives the loan money.
There are plenty of lenders who offer loans to borrowers with really bad credit and they don’t ask for payments up front, so anytime some so-called bank asks for monthly installments run for the hills.
Legitimate Lenders That Guarantee High Risk Loans
There are legitimate and legal lending institutions that provide high risk loans to bad credit applicants, but they charge big fees and really high interest rates at APR levels that can make you wince. Of course there are the payday cash advance loans that pure cash with no down payment and they can sometimes ask for APR levels as high as 350% to 500%. If you pay back the short term loan on time, and in full, you will avoid rates that high, but their APR is still going to be over 150%.
There are private lenders that give loans to individuals and businesses for much more reasonable rates, and often the application process is not so stringent. There are private lenders that accommodate extremely high risk borrowers as long as they “feel comfortable” with the terms of the loan and the applicants behavior. These private lenders generally don’t advertise and they rarely give loans online.
New Age Online Solutions For High Risk Borrowers
What is coming online is very encouraging in the lending sector. There is a new way to get approved for an extremely high risk loan and it’s from individual people who lend money in “little bits”. First of all the name of the first major web site that provides a web system so that borrowers can get funding and private lenders can lend money – Prosper.com.
This is a revolutionary new system of personal financing and is a sign post to what is coming. Lenders are getting a return on their investment that most banks cannot beat, and a better return than what almost all stock brokers bring to bear.
We will see more of these lending and borrowing cooperative web sites in the future. The standard banks don’t like these new upstarts systems obviously, but we’ll see if Prosper survives.
If you are a high risk borrower expect to pay higher rates of interest on Prosper. There is no free lunch if you have a wildly high FICO score.
The Only Kind of Guaranteed High Risk Loan You Should Want
Being in a really bad financial situation means the only loan worth getting is a debt consolidation loan. There is no time for wasting more borrowed money anymore. You need to bite the bullet and consolidate all your bad debt, and change your spending habits immediately. The whole family has to change their spending habits and lifestyle or else you can find yourself out on the street.
Nowadays high risk borrowers are more common that ever before. Due to the mortgage industry crash of 2008 and 2009, millions upon millions of Americans are considered high risk applicants, if not already in bankruptcy.
You need to be hopeful that you can find the loan required to clear up your personal finances, and I know that is hard to do, but please try to relax about it and remember you will eventually get out of the hole and back in the black.
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