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3 Pointers when Shopping for Unsecured Loans - Unsecured Loans Now Articles Unsecured Loans Now Articles

3 Pointers when Shopping for Unsecured Loans

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Posted on 6th March 2012 by Sandra Thompson in unsecured loan |unsecured loans

If you’re looking for tips that can help you find and soon take out the right unsecured loans then, you’ve come to the right place. Below, we have listed and discussed three pointers that can guide you as you examine the programs being offered to you by various lenders.

3 Tips to Keep in Mind

Get the latest copies of your credit report. Have you ever wondered why finance experts recommend that you order your credit report before you start shopping for a loan or a credit card program? Well, the answer is quite simple. Your chances of qualifying for the credit program will greatly depend on your credit score. If you have a high credit score then, your loan application will most likely get approved. Meanwhile, if you have a poor credit history; chances are your request for funds will get turned down.

So, it is really very important that you get the latest copies of your report before you begin to examine what each lender offers. This way, you can determine what your current credit rating is and whether or not you will qualify for a loan.  At the same time, this will give you the chance to check if there are errors in your credit file. After all, a single error in your report can cause your score to drop and thus ruin your chances of qualifying for the no collateral loan you need.

Cleaning up your report is a very easy thing to do. You simply need to write a dispute letter that contains a list of all the incorrect information that you have found in your report. Don’t forget to enclose in your letter documents that will help support your credit dispute. This way, the employees of the credit bureau can easily investigate your case and make the necessary changes in your credit and payment transactions, especially when they discover that your claim is valid.

Consider the current rates and terms of the unsecured loans offered in the market.  Aside from knowing that these credit programs don’t have collateral requirements, you also need to know the current range of interest rates and fees, the terms and payment options available to consumers, and the eligibility requirements. By doing so, you can realize whether or not an unsecured personal loan is the perfect fit for your financial need.

Look for credible lenders. You can do this by asking for referrals from your close friends, relatives and co-workers, especially from those who are affiliated with local banks, credit unions, commercial lenders and online credit organizations. And once you’ve narrowed down your options, conduct a background check on the lender you wish to do business with. This involves researching their history, consumer relations as well as on its accreditation with the federal or state government. By doing so, you can be sure of working with a legitimate and credible lender.

About the Author

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Sandra Thompson is a loan consultant with http://www.unsecuredloansnow.com and has been providing consumers and business owners with Unsecured Loan since 1989. For years she has helped people with loan and credit problems especially pertaining to Unsecured Personal Loans, Student Credit Cards and Unsecured Credit Cards. Copyright 2012.

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