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- Don’t
pay upfront. It’s
against the law for telemarketers to charge any fees in advance if
they guarantee or claim that it’s likely that they can help you get
a loan.
- Don’t
fall for promises that you’ll get a loan regardless of your credit
problems. If you have
poor credit or haven’t established a good credit record yet, it’s
unlikely that anyone will lend you money.
Your credit history is one of the main things that legitimate
lenders use to decide if you are a good credit risk.
- Do
business with licensed companies.
Ask your state banking or finance department about the
licensing requirements for lenders and loan brokers, and find out if
the company has complied.
- If
you can’t get a loan yourself, get a co-signer.
A friend or relative may be willing to apply with you for a
loan. You will both be
equally responsible for the payments.
- Get
all the costs and other details before you decide.
Shop around for the best loan rates and fees.
- Have
proof of what you were promised.
Get the agreement in writing or in an electronic form that
you can use to document the deal.
- If
you have credit problems, get counseling.
Your local Consumer Credit Counseling Service (CCCS) can
provide advice about how to build a good credit record.
The CCCS may also be able to make payment plans with your
creditors if you’ve fallen behind.
These services are offered for free or at a very low cost.
To find the nearest CCCS office, call toll-free, 800-388-2227,
or go to www.nfcc.org.
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