Thursday, May 1, 2014

Do Not Get Taken When You Take An Unsecured Loan

Most online lenders of unsecured funds are honest, you should Google search pretty much anyone who you are considering doing business with today. Especially if you are borrowing and lending online. The online lending industry certainly has its share of bad apples, but do not let that deter you. You should trust your guts or you intuition when searching for an unsecured loan. No matter what, if something seems to be too good, it is probably too good. At any rate, an unsecured loan may not be your best option.

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Google Searches Can Be Misleading

Any online lender could catch some negative results. Often, Google shows negative results before positive results. This is misleading when only 10% of results are negative and 90% positive. Some unscrupulous marketers use this to unscrupulous advantage. Should you be confronted about negative results for any lender you may be interested in using for an unsecured loan, contact a representative and ask for an explanation. On the other hand, no results at all are very bad. Ask a company representative about that as well.

Business Histories Are Important

When researching companies who offer unsecured loans, see how recently they were formed. See if their officers have bios or other online presences. If you cannot find any management available in social media, you probably should not do business with the firm. Just a website and a presence on a few business directories does not indicate a very stable firm. Active, forthright companies should have a rather wide presence on the Web.

Better Business Bureau

The Better Business Bureau (BBB) has been a mainstay on the American business scene for decades. Folks need to realize that it is a for-profit business that is a part of the advertising industry itself. Many businesses have A ratings because they paid for them. But, if the company has many low BBB ratings, that is still a bad sign.


While it is becoming more widely known, not a lot of business nor their CEO's have hooked in yet. Business or CEO entries in LinkedIn are a good sign. Recommendations come from other members and cannot be bought or sold. If your company, or a company you are doing business with, does not have a LinkedIn account, you may want to suggest that they do so.

Shelf Corporations

Aged or shelf corporations are entities that have been around for a while and have stellar credit ratings and other good references. Some lenders can purchase these ratings from said corporations and use them for themselves. Thought these entities are for sale, the efficacy of their use, or the damage caused by their use, has yet to be determined.

Interest Rates

Lenders are able to offer no collateral loans by charging high interest rates as a hedge against defaults by borrowers. Some leading online lenders charge as much as 35% annual percentage rates for bad credit borrowers. On the other hand, some credit card issuers and other financial institutions offer rates as low as 0% interest for borrowers who have good credit histories.

Unsecured Loan Safety Secured by the Borrower

No matter what sort of online lending transaction you pursue, the safety of yourself and your financial information is incumbent upon you to protect. As to the credibility of any online lender you may select for an unsecured loan, that too is your responsibility. Many venues are available to check on lenders, make use of them.

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