Financial difficulties can sometimes make people start to think irrationally — especially when there are no solid solutions in sight to overcome those difficulties. Matters are made worse when those facing those difficulties have bad credit records. They know they need a bad credit personal loan but do not know how to go about it.
Folks may have doubts about reaching out to a non-traditional lender for a loan. They become unsure about putting their blind-faith in what could be an unscrupulous lender. They worry about turning over their social security number, their financial and personal information. And what if that lender turns them down for a bad credit personal loan anyway.
Worse yet, what if this so-called provider turns out to be a fraud? That could mean personal data so compromised that it leads all the way to identity theft. This is the point at which the person in difficulty needs to take a deep meditative breath and endeavor to be rational and clear-thinking.
Six Steps to Find a Bad Credit Personal Loan through the BBB
A reliable loan provider for a bad credit personal loan can be found by taking at look at the Better Business Bureau (BBB) directories.
One: Visit the BBB Directories
The Better Business Bureau has two sites available for checking on businesses in the norther American hemisphere — one for Canada, one for the U.S. If you are an American who wants to use an American lender, visit the U.S. site. To be sure the site is a reliable BBB source, make sure that the website address (URL) contains Better Business Bureau, BBB.org/us.
Two: Opt For BBB Accredited Lender
To quicken your application process, instead of wading through all the lenders you can find online, narrow your investigation to BBB recommendations. When you do a search for lenders, punch the Find a BBB Accredited Business button which can be spotted on the home page of the listings.
Three: Use Key Phrases
When you do your search, punch in the related key words that best represent the kind of lender you are searching for. Even though it may hurt your pride a little, go ahead and get down to business by punching in: Bad Credit Loans into the search bar. You will probably want to limit your search geographically.
Four: Choose the Right Type of Lender
Many types of lenders can be found on the web, and this is good for your shopping convenience. But you will want to narrow the field. For instance: Consumer Finance and Loan Company. No Credit Check Loans. Bad Credit Short-Term Loans. Cash Advance Loans. Payday Loans. And other choices are available.
Five: Scrutinize Reports
The BBB has made business reports and customer feedback forums for a good reason — use them to narrow your search even further. Target lenders who have high BBB ratings.
Six: Make Inquiries
Once you have settled on five or six prospective lenders, give them a call. In spite of what the BBB listings may report, you can get a better feel for the company and its ability to help you out by getting them on the phone. At that point, inquire about their ability to help you out without divulging too much personal or financial information.
Keep Your Wits About You
Take a view of your financial situation and calm down. Help is available. Figure out how much you need and what kind of monthly payment you can afford. Keep your wits about you as you search for a suitable lender. Hasty acts while under financial duress are not always the best actions. Do not be too desperate to land a bad credit personal loan.