3 Telltale Signs of Unreliable Lenders
While most lenders will treat you fairly, there are some who will waste your money and time. These lenders should be out of business, but they still operate – disappointing and serving borrowers at the same time.
How can you avoid unreliable lenders then? Well, here are the telltale signs that you mustn’t ignore:
Abrupt Information Changes
Once you got your loan and everything is agreed upon, you can now move on and worry about repayment later. Suddenly, the lender informed you that the rates will increase. What the hell happened? Did the lender suddenly develop a bitter hate towards you? Probably not – but the abrupt information change will put you in a compromising situation. If you encountered a lender like this, avoid it next time. You’ve learned your lesson: some lenders are monsters indeed.
Delays in Processing
Lenders typically promise a certain time period of the cash release. Knowing the schedule of the loan release can bring a smile on your lips, especially if you have lots of payables to settle. But what if the schedule is a red herring? What if the lender lied to you and the real schedule is few days or weeks away? Very frustrating indeed! If the lender is guilty of processing delays, stay away from it. View that lender as a nuisance in society entrapping hundreds of borrowers in a hopeless loan cycle. There are many reliable lenders out there; you just need to stretch to find the right one.
Lending firms are typically represented by loan agents. These agents are trained to sweet-talk their way onto the hearts of borrowers. In lending, honesty is a must, but some reps seem to forget about that fact. They exaggerate about interest rates and prefer to hide external charges. Upon repayment, you’ll be shocked with the additional fees on top of your loan. While it’s almost impossible to spot the dishonesty of a lending representative, you can prepare ahead. Ask as many questions as you can to filter out the lies spewing from the mouths of these dishonest reps. More importantly, do not trust them at all.
By knowing these telltale signs, you can find the right lender worth your time and attention. Before choosing a lender, you should track down moneylender review so you’ll know if it can be trusted or not. If you got a lead from friends, take that data with a grain of salt. Commit to your research first so you won’t have any regrets later on.