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Student Loan Blog Newsletter
Student Loan Scam Uncovered
For the college students, getting approval for student loans is becoming difficult. Private lenders are only interested in giving loans to students whose credit rating is good. Private financial institutions are taking the advantage of this situation and are charging high interest rates to students whose credit is not good.
Plenty of Student Loan Scams
The market is flooded with lenders whose only objective is to cheat students in the name of giving student loans. You can easily identify these lenders as they will often charge high application and processing fees. Initially, they will promise that you will get approval for your student loan very soon and the loan amount will come directly into your bank account. As time passes, their attitude changes and they will tell you that your application was rejected because of your poor credit rating or that you do not satisfy the eligibility criteria.
To deal with such scams, it is important that you do plenty of research before giving any money to the lender. Check the accreditation of lender with Better Business Bureau. If the lender you have opted for is a member of the Better Business Bureau, you should not need to worry about anything. To check the market reputation of lender, talk with the competitors as they will often give you a realistic picture.
What to Look for When Selecting a Student Loan Lender
The first thing that you need to look at is the customer service offered by the lender. You should not go with a lender that does not treat their customers properly. To check the customer service of a particular lender, send an e-mail. If they do not reply soon and from a real person, it is a clear sign that the lender’s customer service is not good.
As every lender has a website, it is really surprising if any student loan lender does not have one and it can be the sign of a student loan scam. If the lender you have opted for does not have its own website, they may be hiding something or be a scam. Stay away from such lenders. You should also note that lenders involved with student loan scams tend to change their office address regularly so if you note that they have multiple addresses within a few months, it is likely a scam.
Best Student Loan Packages
The best student loan packages have straightforward application procedures and you get the quickly loan with low interest rates and an easy repayment schedule. Before signing any agreement with your lender, it is advisable that you read the terms and conditions carefully. After signing the agreement, you will not be able to modify the terms and conditions of student loan package. The main feature of the best student loan packages is that you get a grace period during which you do not need to pay any money to the lender. This normally lasts for three to six months but can be more depending on the lender.
Finding One Hour Payday Loan Lenders
Everyone needs cash in an emergency. Be it for medical expenses, unforeseen car repairs or any hardship that you might face. One hour payday loans used to be difficult to find. Going from loan center to loan center in an attempt to locate lenders who would extend a short term loan to help alleviate your financial misfortunes. Not only are lenders available on a walk in basis but there are literally hundreds of one hour payday loan providers now available online. These lenders provide short term loans for overdue bills or any other financial bind you may find yourself in between paydays. Lenders these days actively solicit customers for payday loans because of there ease of delivery and the profit margin for them.
There are two basic types of lenders in the marketplace willing to write you a loan. Direct and indirect lenders are both willing to deal with borrowers but they have differences that make them unique in there approach. While indirect lenders serve the same purpose as direct lenders their methods are more tedious and time consuming. Much like what lending institutions such as banks and credit unions charge they are as a rule more expensive because they involve third parties to help them establish your credit history in their attempts to approve your loan.
In contrast direct or no teletrack lenders deal with the borrower directly thus eliminating the middleman and enabling them to provide services more inexpensively and much more quickly. Most online loans can be completed in a matter of minutes and the money made available to the borrower instantly after approval. If you are at least 18 years of age, employed for 3 months or more, and have an active bank account with direct deposit access you are well on your way to being approved for a one hour payday loan. These loans are quick and easy to obtain and if you chose to apply for your loan online all transactions are transmitted over secure lines. Shop around and find a reputable company, that fits your needs. Compare interest rates and repayment terms.
Once approved your funds are deposited directly into your bank account and available for you. When your payback date, which was established at the time of your application, arrives the lending institution simply withdraws the amount due from your bank account. You get cash when you need it most and repay it when you have it. Because one hour payday loans are secured against your paycheck most everyone who meets the minimum requirements will be able to qualify for loans witch generally range between $100 and $1000. This built in security is also the reason that your credit history is not important to the lender. You have already assured them that repayment will be made. In the event that the funds are not available on the established due date the lender will give extensions but this is to be avoided as the additional fees and penalties that are levied against you are extensive and can become difficult to recover from. Handled in a responsible manner the online loan can and will help you through those financial bumps in the road that we all occasionally run into.