Bad Credit Loan

Bad Credit LoanHave you applied for a bad credit loan recently? I was just talking about how these lender matching sites and the way the lenders do business is confusing to me. I don’t understand why they do what they do, and it keeps changing. It’s almost like the market is having growing pains. If you’ve ever used one of those lender matching services, have you noticed how many emails you’ve been bombarded with?

They won’t offer you a loan right away, but instead you’ll spend hours filling out short applications, reading emails, fielding phone calls geared towards products that help people with bad credit and much more. It’s an absolute mess, and then when someone does offer you a loan, you’ll be lucky to be speaking with someone you can understand. They will offer you more than you want, request money up front, talk about loan amounts and repayment schedules you’ve never imagined and much more.

Trust me, I’ve been there and done that. If you’re not familiar with a company that offers bad credit loans, don’t stick your neck out there with these sites that act like lenders. Yes, that’s right, some of the lender matching sites don’t want you to know that they aren’t direct lenders. I’m not exactly sure what is going on with some of these sites.

Something out there just isn’t right with the payday loan market. When you search for loans with bad credit, you should be presented with companies. I did notice that the lender matching services keep your information and store it for next time, too.

What’s the point in that if they are just going to send you tons of emails about loan offers that don’t pan out and put you on a call list for all these companies that supposedly have loans to offer you.

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Most Recent Experience

Most Recent ExperienceI told myself I wasn’t going to take out anymore short term cash loans. I’ve handled them alright and everything, but they can make money tight when you’re trying to take care of everything and still manage to save money. However, yesterday I received a phone call from a company that said they were affiliated with a lender matching site. That made me realize that these matching sites may actually send legitimate direct lenders your way at times. I decided to go along with the phone call to see what was going to be offered.

First of all, the lady told me that I was approved for a 1,000 dollar loan. That got my attention because I usually don’t get that much money when I get short term cash loans. She said I was pre-approved, and she just had to verify my identity and get me to sign my loan documents. So, she has me sign my loan documents, and then I get to look at the loan terms.

I pull up the loan terms, and I just about fell over backwards. I was going to be paying 20 payments on this loan, and while the payments were reduced in size as time went on, I was going to start by making multiple bi-weekly payments in the 300 dollar range. By the end of the 1,000 dollar loan repayment schedule, I was going to have paid back 3,825 dollars! Can you believe that?

If you can pay back 3,825 dollars in a year’s time, then you can turn around and give yourself four emergency cash loans the very next year! Oh man, it’s just ridiculous how much some of these companies charge. Of course, they’re not all that bad. They are going to charge you more because of the convenience, but most of them won’t charge you quite that much.

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