Are Bad Credit Loans a Scam?

Bad credit loans, that are easy to qualify for, but come attached with high fees, financing costs and terms can sometimes be too expensive an option to consider, but are they a scam? The following article will attempt to detail the times that bad credit loans can be considered necessary and how they are best used to your advantage.

Sure there are some ethically borderline lenders out there, looking to capitalize on the un-informed consumer, that will always be the case unfortunately. The truth about bad credit loans, though, is they are a legitimate lending instrument that help millions of people each year achieve financing for success stories ranging from new homes, cars to commute to work, medical payments for needed procedures, and emergency monies to help in times of crisis. There is no denying that a bad credit loan comes with higher financing costs and fees than could otherwise be found with good credit and additional collateral to secure the loan, but if used correctly and in the right situation the benefits far outweigh the costs.

The fact that we are considering funding a bad credit loan over a more traditional lending instrument implies that we find ourselves in a higher risk bad credit situation when we need additional monies for some endeavor. This negative credit score acts as a measure of our financial reputation, and personal finance bill of health, and the prognosis isn't good. The reality is a score of this nature says you are of a higher risk category to lend money to, and that scares away more conservative lenders making it harder for you to attain the approval for your desired loan.

This is where bad credit lenders step in to provide money to people of a higher risk category, and they are rewarded for their higher risk loan with a higher return through increased interest rates, additional financing costs and fees. Is it a scam to service an unprovided for demand of countless people that find themselves unable to acquire traditional funding, I think not. The key as a borrower to getting the most from your bad credit loan is to be fully informed of the terms and type of loan you are acquiring before you accept.

The truth is, these loans are the second chance after previous financial mistakes that many people desperately need. If used correctly, by not financing beyond your means of paying back your borrowed money, and maintaining an on time payment history, they can help rebuild your reputation as a borrower, increasing your credit score and helping you qualify for better financing in your future endeavors.

In summary, bad credit loans should be used as a stepping stone in your quest to rebuild your financial reputation. These loans are an excellent tool to help you rebuild and get you past difficult financial times when other lenders would shy away from your business and when you have rebuilt your credit score and find yourself able to qualify for much better loans, you can always look back at those days, thank these lenders, and say never again.

By Ariel Pryor. Ariel Pryor is a credit expert who counsels and helps people with Really Bad Credit to get the loans and credit cards and begin rebuilding their credit. If you found this article helpful, let me help you save money and time finding your next Loans for Bad Credit.

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Get a Bad Credit Loan

If you have been turned down by commercial lenders and banks for a home loan, you don't have to give up your dream of owning your own home! Because it is so hard to get a bank loan today, many people are turning to investors to help them get into homes. It is often a win-win situation that benefits everyone involved.

There are many ways that investors can help people get into homes. I don't have the time or space to list them all here. Our free ebook, "How to Buy a Home When You Have Bad Credit" shows many of them. You can get see this free ebook on our website at www.I-Can-Buy.com

But I do want to point out one of my favorites! This is the investor quick flip. That is where an investor buys the home in cash for the buyer, and then turns around and sells it to the buyer and finances the buyer. All of this is done without any bank qualifications or loans. Often it happens a lot faster and without a lot of the hassle that buyers get when they try to qualify for a conventional mortgage.

Sure, the investor makes a little on the flip, and the interest rate will be higher on the home loan than it would be with a bank, but for many people this is a small trade off. They get into a home of their own when they never would have been able to do it. Plus, they now have a home that is an investment as it begins to appreciate in equity, instead of throwing their money away on rent payments.

I know of a great group of investors who do these kind of bad credit mortgage loans for individuals who want to buy a family home. They can work with any credit score, no matter how bad. They do commercial loans for investors and people who want to get into real estate investment as well. If this sounds like something you may be interested in learning more about or applying for, go to http://i-can-buy.com/bad_credit_mortgage_loans.html and fill out the information request form today! Read more on this article...

How to Obtain a Bad Credit Home Loan or Refinance with Bad Credit

The down payments on the bad credit home loans usually range from 3% to 5%. If you do not have enough money to pay the down payment, then you can borrow it from a friend or a relative. However, before doing that, you must check with your bad credit home loan lending company, because some companies do not allow this. Once you finance your home, you should be able to get a second and a third mortgage, and then you can repay your friend or relative.

If you do not want to borrow money to pay the down payment of your bad credit home loan, then an alternative is to look for a down payment assistance program. These programs legalize down payments, which otherwise are usually illegal.

To easily convince the lenders to provide you with a bad credit home loan, you must try and improve your credit rating. To do this, you must make sure that you pay all your bills on time, and buy a major credit card, if you do not have one. Also, you must keep a check on your credit score and credit report.

In deciding whether or not to provide you a bad credit home loan, the lending companies focus on a number of factors such as loan-to-value ratio, monthly income, and debt-to-income ratio. However, there is always a scope of negotiation, and thus you should not hesitate in negotiating for more favorable terms on the bad credit home loan.

How to Do Bad Credit Refinance

You may have heard that people with bad credit can't get anything financed. Well that's a myth because there are many companies that will offer you refinancing and loans no matter what your credit rating looks like. Therefore how to do bad credit refinance is not a problem. But how can one tell if they have bad credit? The major indicators of whether or not you have bad credit are the following:

*If you have a FICO score of 620 or lower *In the past 12 months you have had two or more 30-day delinquencies *Or in the past 12 months, you have had a 60-day delinquency *If there has been a foreclosure or a charge off against you in the past 12 months *If you have filed for bankruptcy in the past 60 months or have been declared as bankrupt *If you're debt-to-income ratio is 50% higher (simply stated your income can't cover the debt expenses)

It's best to know your credit scores before you make a decision how to do bad credit refinance any other loan. The other areas to look for are the loan amount that you are seeking, credit reputation that you have (that is your credit score and your history), and the collateral that you willing to put up (roughly the amount that equal to your loan amount), and of course the ability that you can pay back the debt. Therefore lenders always prefer lower score borrowers than those with higher scores.

Look for lenders who process loans in-house rather than outsourcing for credit refinance. This saves time as well as money. Also, look for experienced loan counselors who can give you the best advice. Some companies will also offer you the facility to check for the status of your loan online 24/7. Shop around for rates and various terms and conditions. The longer you shop, the better chance you will have of finding your ideal refinance package.

With online Internet access you can easily shop and compare companies who are very competitive to earn your business. Today's consumer are now empowered because of the many websites that are availble to get a bad credit home loan or a bad credit refinance.


Dean Shainin is a consultant specializing in home loans, strategies for loan financing, loan information. To see a list of recommended loan companies, tools, resources, free quotes and information, visit this site:
http://www.homemortgageloantips.com

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Bad Credit Home Loans and How To Get Loans

Bad credit loan is a specific type of loan which depends upon your past credit score and your past credit history. Past credit history is important for both borrower and lender, as it contains all your documents such as financial transactions, repayments of previous loans and county court judgments.

If you have a bad remark or late repayment in your past credit history then your application for loan may take time to be approved because your application will be marked as home loans with bad credit history.

In spite of these bad remarks in your credit history, some banks and financial institutions are ready to provide you with a home loan. Here I want to make it clear that these financial institutions will surely charge higher interest rate from you. How much higher depends on your credit history.

The biggest problem in home loan approval is "how to convince a lender to approve your loan application?" Here are some tips, which can be used as guidelines to get the best deal on bad credit refinancing.

Try for the best available in market – conduct a market research on your own. Visit baks and financial institutions of your local area to know their norms, terms and rate of interest for home loans with bad credit history. You should also check if there is someone you know in the bank. A personal contact is very good to have.

Most of the banks have an official website, thus don’t forget to browse official websites of banks providing bad credit home loans. Ask for online quotes. Compare online quotes and quotes from your local market. Choose the best option for you, with the lowest interest rate.

Improve your credit score – Improving your credit score will surely help you in home loan approval. Follow these simple tips to get a better credit score.

If you have any dispute regarding incorrect entries in your account, please visit the official website of your bank and ask them to clear the dispute. Check your entries after each and every money transaction made by you.

Next, keep your credit enquiries down. I am sure that on time payment of current loans will be helpful to improve your credit score. Avoid any late payment.

While improving your credit score don’t apply for any credit card, auto loan, education loan or any other type of loan. The interest for these loans are generally higher than a loan on your home.

Save for a down payment – Some financial institutions may be ready to offer you 100% financing even with low interest rates but they can ask you for a down payment up to 10%. Hence, it is in your best interest to cut your daily budget to save as much as possible for a down payment.


Keith George always writes about valuable news & reviews.
A related resource is http://badcredit-home-loans.info/
Further information can be found at http://info2you.info/

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Bad Credit Auto Loans and the Car Dealership

It's sort of like watching those First Aid Course movies. There are 3 little kids playing happily in the sun. The camera pans out and we see some power lines dangling near the ground nearby. You KNOW what's going to happen and you are forced to sit there and endure. Unfortunately, the same scenario holds true if you have bad credit and are shopping for a car.

John and Mary Smith are working extra hard to rebuild their credit after John's accident cost them thousands that they didn't have. They've cut back everywhere they could; they narrowly escaped bankruptcy several months back.

They know that an auto loan is the first big step in re-establishing their bad credit. They have saved up some money for a down payment and are heading out the door to the nearest car dealership. It's a sunny day. They are smiling as they pull onto the car lot.

Young Joe is standing nearby as they step out of their car, (cue the Jaws music), he saunters up casually and greets them with a smile. His shiny teeth nearly blind them. His handshake is firm and his goal is clear: let's find you folks a new car.

John and Mary innocently warm up to their nice, personable new friend. He seems genuinely concerned about their past situation, and seems to be working extra hard to help them find the perfect car. He brings up good benefits to the used cars he's showing them; he's given them every reason in the world to believe that this vehicle is the perfect one for them and their situation.

As they make themselves comfortable at the desk and watch him get their registration out of their trade in, they glance over to see the other salespeople looking over at them and nudging each other. John and Mary glance uneasily at each other. Their smiles start to fade.

Joe comes out from a door across the room, followed by another gentleman who is looking directly at them as he walks towards them. He introduces himself as Joe's manager and will be sitting down to chat with them soon. His handshake is firm too.


Joe seems like a different guy as his manager slips out of sight behind another door. “Now, the price of your new car is listed at $15,995. The banks like to see about a third down, which would be about $6000. Is that what you were thinking? Or were you going to put down more to make your payments even lower?”

Uh, Joe, we told you out there on the lot we only had $1000 to put down.

“Oh, sure you did, didn't you? Well, I've found that most people tell me less out there on the lot because they haven't gotten to know me yet. So, do you think you would be able to come up with the whole $6000?”

John and Mary suddenly get an uneasy lump in their stomachs. John's back starts to throb. Mary's hands feel clammy.

Soon Mr. Manager comes back out and explains that the last car they took in just like their trade in was only worth about $1500. He can see on their offer they were hoping to get about $5000 out of it. Well, he can call around to different wholesalers to see if they will give him a buy-bid of maybe $1800. Or, they could even just keep it and try to sell it on their own for $2000. But, of course, not having that trade equity will raise their payments.

The next 2 hours seem like a crazy circus trip through a hall of mirrors. Bewildered and exhausted, John and Mary finally emerge with an envelope of paperwork clutched in one hand, shiny new keys to a 1 year old used car in the other.

They give Joe a pained, dazed smile and weak handshake as they collapse into their new car, empty stomachs rumbling.

What John and Mary didn't see in their rear-view mirror as they slowly drove off the lot, was Joe and his manager smiling and shaking hands at yet another “pounder” for the month. At this rate, they'll hit their 3rd level bonuses with ease.

John and Mary are the bread and butter buyers of most auto dealerships across the US. They need the clout that dealerships have with the lenders to get approved for a car loan and begin rebuilding their credit. But the dealerships prey on this weakness, and extort thousands and thousands of dollars from already “wounded” consumers. John and Mary are already “buried” in their car, owing thousands more than it's worth…and they haven't even finished their hamburgers yet.

It's important to become as educated as you can about your situation and all of the options and strategies that are available to you…regardless of your credit. Don't think this little game is ONLY played on the folks with bad credit. If you look like you can be their next victim, you can rest assured you will be. Diligence and knowledge are going to keep you free from the lions, and keep you on track to buying cars without getting eaten alive.

Visit http://www.insidethelionsden.com to find out the top three tips from Amy that you have to know before buying a car.

Amy Latah is a pro-consumer public speaker and strong supporter of www.InsideTheLionsDen.com, a site designed to promote the truth about how consumers have been played the fools for far too long.

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Buy A Car With Bad Credit - 4 Tips On Getting Approved

Financing a new or used car with poor credit is feasible. However, there are ways to boost your approval chances and possibly acquire a reasonable interest rate. Do not enter the car buying process blindly. Individuals with good credit have many options. On the other hand, if your credit is bad, you must search for a good deal. Here are four tips to help you obtain a car loan with bad credit.

What is Your FICO Score?

FICO scores range from 300 to 850. The lower the score, the higher the interest rate received on an auto loan. Having a low credit score does not remove the possibility of getting a new or used car loan. However, a low credit rating will greatly affect the interest rate on these loans.

Before applying for an auto loan, obtain an online copy of your credit report and score. If your score is below 600, consider postponing buying a car. Instead, devote six months to improving your score.

Maintain Steady Employment

Along with credit report rating, auto loan lenders require applicants to have steady employment. Often times, an applicants must earn at least $1200 a month. Steady employment usually consists of having the same employer for 90 days. Thus, avoid changing employers every two to three months. To prove employment, auto loan lenders may request copies of recent paycheck stubs.

Get Pre-Approved with a Sub Prime Auto Lender

Before browsing the selection of vehicles at car dealerships, attempt to get approved with an online sub prime lender. These lenders help many people with bad credit obtain financing. There lending requirements are flexible however, sub prime auto loans have higher interest rates. If eager to buy a new car, accept the higher rate, and then refinance at a later date.

Apply with a Co-Borrower

The easiest way to get approve for an auto loan with bad credit is to apply with a co-borrower. If the person co-signing the loan has excellent credit, this may justify a better rate. Of course, there are risks to using a co-signer. If the primary borrower becomes incapable of making regular monthly payments, the co-signer becomes responsible for the loan.


Try using www.abcloanguide.com for a list of Recommended Bad Credit Auto Loan Lenders online. Their recommended lenders are reputable and offer competitive rates.

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Finding Loans with Bad Credit

Even though it may seem like it at times, having bad credit isn't the end of the world. While you might think that you'll never be able to get a loan that you desperately need because of your credit score, with a little bit of persistence and some careful preparation you'll find that there are a variety of different loan options available to you. The keys to finding a loan with bad credit are keeping your options open, having the right collateral, and shopping around to find the best interest rate that you can get.

The information provided below should help you to find the best loan that you can, and even provides some advice on what to do if the loan you apply for is denied.

Considering lender options

The first step in finding a loan with bad credit is considering a variety of different lenders so as to find the one that's right for you and your loan needs. There are a number of different lenders out there, so don't limit yourself to simply checking one or two banks in your area for loan rates. Keep in mind the various finance companies, loan offices, mortgage lenders (if applicable), and online lenders that might offer interest rates and loan terms that are comparable if not better than those that are offered by the banks in your area.

Choosing the right collateral

Once you've figured out some of the lenders that you might request a loan quote from, you need to determine what you're going to use as collateral for the loan. Collateral is essential for a bad credit loan, since it serves as a guarantee to the lender that they'll get their money back no matter what and helps to convince them that you're worth the risk of lending money to.

It's best to choose collateral that has a higher value than you're attempting to borrow, especially if the collateral that you're considering is an item that would be easy to find a market for if necessary. The higher the value of the item and the easier it is to find a ready market for it, the greater the chance that you'll not only get a loan but also a good interest rate on that loan.

Shopping for a loan

After you've decided upon what you want to use as your collateral, it's time to start shopping around for a loan. Request loan quotes from all of the lenders that you'd decided upon previously, using the same collateral as the basis for each quote. Compare the interest rates and loan terms that are offered by each lender, finding the loan quote that's best for you and applying for that loan.

What to do if you're denied a loan

If you get turned down for a loan, remember that there are still other options available. Go back to the quotes that you had received previously and apply for the next-best loans... if you're unable to get one of the next two best, you might want to begin your search again and consider a few additional lenders that you hadn't previously.

You might also want to attempt to get a pre-approval from a lender, which means that they review all of your information as though you were submitting your actual application while you're still getting your loan quote. This can save you time and frustration, since a pre-approval means that should you apply for the loan that you're pre-approved for you'll be already approved for the loan at the quoted rate.

You may freely reprint this article provided the following author's biography (including the live URL link) remains intact:

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About The Author:
John Mussi is the founder of Direct Online Loans who help homeowners find the best available loans via the www.directonlineloans.co.uk website.

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Bad Credit Home Financing - Choosing A Subprime Mortgage Lender

Getting a mortgage loan when you have bad credit is easier than ever. Here is a good article that tells how to find a lender when your credit is poor or less than perfect.

In the early nineties subprime mortgages accounted for about five percent of all mortgages. Today the subprime mortgage loan sector comprises more than twenty percent of the mortgage market. With this explosion of subprime mortgage lenders and brokers, it is important to know what to look for when choosing your lender. Not only do you want to be sure that you are getting the best deal possible for your subprime mortgage, you also want to know how to avoid falling prey to a predatory lender.

What makes a person a candidate for a subprime mortgage? Bad credit is the predominant reason but there are others. Fluctuating income and even the type of property being purchased can also necessitate an unconventional mortgage. If your unique situation requires a subprime mortgage do the following when choosing your loan agent or broker.

Know your credit history, particularly your FICO score. A score lower than 620 generally means that you will be offered a subprime mortgage. Do not take for granted that you must seek a subprime mortgage. Ask what products are available for you. Also, make sure you have your employment, income and payment histories readily available.

Do not assume that getting the lowest interest rate also means you are getting the best loan. Most subprime mortgage loans will be two percentage points higher than a conventional loan and may have additional fees. All of the prospective subprime mortgage lenders should submit their loan packages to you in writing. Take the time to carefully analyze all of the mortgage offers. Compare not just the interest rates but also the fees you are being charged.

Be wary of prepayment penalties. A subprime mortgage is a vehicle for repairing your credit or responding to a specific applicant situation and usually is a short term solution. Hefty prepayment penalties may lock you into a subprime mortgage for a longer term than is necessary or cause you to pay a substantial price for refinancing to a conventional mortgage at a later date. You may have to accept some sort of prepayment penalty but negotiate with the various lenders to guarantee you have the least burdensome penalty possible.

Even though you are looking for a subprime mortgage lender you still have many options. After comparing the loan offers from the different lenders, negotiate the terms. Do not feel that a lender is doing you a favor by offering you a subprime mortgage. Many times the compensation a lender receives for a subprime mortgage is greater than that which is received for a conventional mortgage.

Most subprime mortgage lenders are honest and responsible business people. Still, the regulation of subprime loans varies widely and you should be careful not to fall victim to a predatory lender.

1. Don’t respond to telephone or direct mail offers from subprime mortgage lenders. Do your own research. The Better Business Bureau, the telephone book and the Internet are all good resources. Ask friends for referrals.

2. Don’t allow yourself to be pressured. Ask for offers in writing and use plenty of time to compare them.

3. Don’t sign any documents that have blank spaces or incorrect dates.

4. Don’t be convinced to inflate your income or net worth.

5. Don’t skip reading any portion of your loan documents because your lender tells you “that part isn’t important”.

Choosing a subprime mortgage lender is like any other purchase. The more knowledge you have and the more research and analysis you do, the better your decision will be.

About The Author

Carrie Reeder is the owner of http://www.abcloanguide.com, an informational website about various types of loans.

View her recommended lenders for http://www.abcloanguide.com/lessthanperfectcredit.shtml.

To get information on how you can buy a house even if you can't qualify for a bank loan, check out our site http://I-can-buy.com now!

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No Credit Car Loans - Even With No Credit History, You Can Still Get Approved

Even it you have no credit history, you can still get approved for a car loan. With a car loan, you can purchase your vehicle and build your credit history. Online car loan lenders make shopping easy, and you can find low rates compared to traditional banks.

Get Started

Before you launch into car loan shopping, take a look at your credit history. Even if you have never opened a credit card account, you still have a credit history. Regular bill payments count as well as a checking account. Hint – open a checking account if you haven’t already.

Plan On A Down Payment

With no credit, you get treated much like you have bad credit with financing companies. To offset the risk of your loan, plan on putting down a large down payment. You may get away with a down payment as little as 5%, but 20% will ensure lower rates.

Research Companies

Online car loan lenders offer several different types of financing. Request quotes from both traditional lenders and subprime lenders. Subprime lenders provide financing to people with adverse credit. Usually their rates are only slightly higher than a traditional lender with few fees.

Evaluate Rates And Terms

To find the best financing for your automobile, evaluate rates and loan terms by your financial goals. While low rates will save you money, you will often have a higher monthly payment. Decide how much you can afford monthly and look for a package that offers the best price within those figures.

Get Pre-approved

When you have settled on a lender, go ahead and get pre-approved. By filling out the paperwork online you will save yourself time and money through reduced fees. Once approved, you can then go car shopping like a cash buyer. You have the option to buy through a car dealership or through a private individual.

Think Refinance

Even car loans can be refinanced today. If you find yourself with a less than ideal loan rate, you can plan on refinancing your loan within a couple of years. Take the remaining time to build up your credit history by making regular car payments. With your approved car loan, you will also be able to qualify for credit cards to help build your credit score.

To view our list of recommended auto finance companies online, please visit this page: http://www.abcloanguide.com/autoloans.shtml.


By: Carrie Reeder

Carrie Reeder is the owner of http://www.abcloanguide.com, an informational website about various types of loans.


To find out how to buy a house, even when you can't get a bank loan because of bad credit go to http://i-can-buy.com now! Read more on this article...

How to Find Lower Interest Rates on Bad Credit Loans

In a world where debt and poor credit are more commonplace than they used to be, bad credit loans aren't nearly as difficult to find as they once were. The problem associated with most bad credit loans isn't the difficulty of finding them, it's the interest rates that most common lenders charge for them. It doesn't do you much good to finally get a loan when you've got bad credit if the interest rate makes the monthly payments more than you can afford.

Luckily, you can get relatively decent interest rates even if you're applying for a bad credit loan… it's simply a matter of knowing where to look, what collateral to use, and having the patience to find the best loan that you can get.

Consider Alternative Lenders

The first thing that you should do when looking for a good interest rate on a bad credit loan is to broaden your search to lenders that you might not have considered before. Finance and lending companies generally offer loans to a variety of individuals, regardless of credit history, if they have collateral to secure the loan.

Online lenders offer these same services, but are usually able to provide better interest rates because of their lower overhead and method of doing business.

Taking the time to look into these lenders might help you to get on the right track toward a lower-interest loan regardless of your credit score.

Choose the Right Collateral

The key to getting the best interest rates for bad credit loans is to use the right collateral to guarantee repayment of the loan. Ideally, you'll choose a high-value collateral that could easily be sold if it came to that point… something with a value that is higher than the amount you're requesting to borrow. Home equity is a favorite among lenders who offer loans for bad credit, due to the ease of determining its value and working with it.

Other common types of collateral that tend to bring lower interest rates are automotive titles, property deeds, and precious metals or antiques.

The interest rate that you're offered for your collateral may vary from lender to lender, though, so it's important to take the time to shop for the best rate.

Shop Around

Shopping around for a loan is just what is sounds like… going from lender to lender, requesting a quote for a loan, and comparing interest rates and loan terms to find the best deal. It's important to use the same collateral and the same asking amount for each of the loans that you request a quote for, so that you can determine which offer is really the best; by keeping all of the variables the same, it is easier to determine which loan offer is actually lowest.

Compare Loan Quotes

Once you've gathered quotes from several lenders, you should take the time to compare the quotes and determine which loan offer will work out best for you. Look at the interest rates that each lender offers, as well as the repayment terms, the monthly payments, and any other factors that will affect the loan. By comparing both the terms of the loan and the interest rates offered, you may find that the lowest interest rate isn't always the best deal… but then of course, sometimes it is.

Once you've determined which loan is best for your needs and budget, submit your full loan application keeping the next best quote handy in case some unforeseen circumstances prevent you from getting your first loan choice.

by: John Mussi


About The Author

John Mussi is the founder of Direct Online Loans who help homeowners find the best available loans via the www.directonlineloans.co.uk website.


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