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| How to Spot Bad-Credit-Loan Scams Posted: 27 May 2021 02:35 PM PDT Summary
If you’re someone with poor credit, chances are you’ve had difficulty being approved for a loan. Unfortunately, there are many people who will try to take advantage of your desperation. That’s why it’s important to learn how to spot bad-credit-loan scams. If someone approaches you online or on the phone with the offer of low-interest personal loans, stop and think twice. This is likely a scam to steal your money or your personal information. Keep reading below to learn what bad credit loan scams are, how to spot them, and what to do if you’ve been scammed. Enter your ZIP code into our free comparison tool above to find affordable loans from providers near you. What are bad credit loan scams?So what are bad credit loan scams? Well, a bad credit loan scam is a scam that is targeted towards those with poor credit who have had difficulty being approved for a loan. Who borrows personal loans? Studies have shown over half of personal loan borrowers have poor credit scores. Unfortunately, these people are most often the victims of personal loan frauds and bad credit loans. Perhaps you’ve found your dream home but are unable to afford it because your credit score has prevented you from getting a mortgage loan. You’ve tried everything you can do to improve your credit score but to no avail. This is where the scammers come in. Sensing your desperation, they’ll call or email you with the promise of instantly approved personal loans. The offer may sound too good to be true, and this often exactly the case. How do I spot bad-credit-loan scams?You’re probably wondering how to spot bad-credit-loan scams so you can avoid falling prey to personal loan frauds. Here’s what we advise. The first step in learning how to spot a bad-credit loan scam is not accepting any personal loan offers over the phone. In fact, it is illegal to make loan offers over the phone so this is a sure sign you are talking with a scammer and not a legitimate lender. The next thing to look out for are upfront fees. If someone requests money in advance for the promise of a low-interest loan, they’re probably a scammer. Legitimate lenders will disclose any fees associated with a loan and those fees will usually be wrapped up in the cost of the loan, not paid for in advance. Another thing to be wary of is if the person offering the loan isn’t interested in your credit history. Legitimate lenders will always want to review your credit history to make sure you’re a responsible borrower. If the person offering the loan promises instant approval without a credit check that’s a sure sign of a scam. Finally, research the name of the company in question. Are they registered in your state? If not, this could be a cause for concern. Search the company name online through the Better Business Bureau and look for any bad reviews or signs of fraudulent activity. What do I do if I’ve been scammed?If you’re the victim of loan scams or personal loan frauds, you’ll want to contact local law enforcement as soon as possible. You can also contact your state attorney general’s office and let them know you’ve been the victim of a scam. The attorney general may already have experience with the people who scammed you and can use your experience to help prosecute them. Additionally, you can file a report with the Internet Crime Complaint Center, the National White Collar Crime Center, or the Bureau of Justice Assistance. They may be able to provide you with a list of fake loan companies. Make sure to include any identifying information such as emails, phone numbers, and web addresses used by the scammers so that law enforcement can track them down. Now that you know how to spot bad-credit-loan scams you can be more prepared when searching for a loan. Enter your ZIP code into our free comparison tool below to compare interest rates from lenders in your area. The post How to Spot Bad-Credit-Loan Scams first appeared on Loans.org.  |
| Mortgages for Seniors and Retirees Posted: 27 May 2021 02:33 PM PDT Summary
Buying a home is a dream for many Americans. However, if you’re a senior or a retiree, you may be worried about buying a home so late in life. You may believe mortgages for seniors and retirees are difficult to maintain. Many seniors and retirees live on limited, fixed incomes from savings accounts, Social Security, and pensions. Because of these fixed incomes, many seniors and retirees worry they won’t be approved for home loans. Keep reading below to learn about mortgages for seniors and retirees, if you can get a home loan as a senior or retiree, how to qualify, and how to find mortgage assistance. Before you do, enter your ZIP code into our free comparison tool above to find affordable mortgages for seniors and retirees near you. Can you get mortgages for seniors and retirees?You may be wondering if it’s even possible to find mortgages for seniors and retirees. After all, you may be worried about whether your age affects a lender’s decision to loan to you. Fortunately, you don’t have to worry about being denied a loan based on your age. Thanks to the Equal Credit Opportunity Act it is illegal to discriminate against a credit applicant because of age. You’ll still be able to compare quotes for mortgages for seniors and retirees. However, that doesn’t mean it’ll be easy to get approved for a home loan. If you’re a retiree living on a fixed income, it may be tougher to meet the criteria required for a home loan. How do I qualify for a home loan for seniors/retirees?As mentioned earlier, your age has no bearing on your ability to apply for a loan. Lenders consider the same criteria when reviewing the loan application of a 30-year-old as they do a 65-year-old. Those criteria are:
As you can imagine, it may be tougher for a senior or retiree to meet these criteria considering their limited fixed income. But it’s not impossible. You can find home loans for seniors on Social Security as long as your monthly income meets the lender’s requirements. Lenders simply want to make sure you can repay the loan. If your Social Security income, pension income, and retirement accounts meet the lender’s requirements you should have no problem finding home loans for seniors on Social Security. In some cases, senior citizens on the verge of retiring can even consider pension-advance loans to get cash now in exchange for a percentage of the borrower’s future pension payments. However, many experts advise against this. Is there senior citizen mortgage assistance?As a senior or retiree, you may be wondering if there is senior citizen mortgage assistance for those buying homes later in life. After all, since you likely lived on a fixed income, you may have more trouble coming up with the money to purchase a home. Fortunately, there are government home loans for senior citizens in the form of reverse mortgages or FHA Home Equity Conversion Mortgages (HECM). An HECM works by allowing seniors to convert the equity in their homes into cash. This cash can then be used to take out a mortgage loan for the purchase of a new home. You will have to meet certain requirements to qualify for HECM, one of which is you must be 62 years or older. Check out the rest of the requirements on the U.S. Department of Housing and Urban Development website. Even with the HECM program, you should still compare rates for mortgages for seniors and retirees from multiple lenders. You could find special rates for senior citizens. Now that you know how mortgages for seniors and retirees work, enter your ZIP code into our free comparison tool below to find affordable mortgages for seniors and retirees today. The post Mortgages for Seniors and Retirees first appeared on Loans.org.  |
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