Many folks have had to deal with hard times in this recessionary economy. As bills mount and income falls, sometimes a household, or even an individual, needs a rather large infusion of cash to keep their heads above the financially turbulent waters.
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Also, the so-called credit crunch has caused many traditional lenders to withhold large personal loans from any but the best-heeled clients. However, many financially troubled borrowers with poor credit ratings are not aware that the Internet offers the services of many non-bank lenders who will accept applications online and are eager to do business with them.
Better Business Bureau Shows Non-Bank Lenders
If you are troubled by a poor credit rating and have the need of large loan to get you back on your financial feet, you need to be put in touch with a reputable lender willing to make such a loan in spite of your credit rating. You can find these reputable lenders by checking out the Better Business Bureau (BBB) website business directories. For one thing, the BBB provides a good place to start your shopping for such a lender.
You can check out the background and business records of each lender. You will also see the BBB ranking of each of the companies. You should consider only those lenders that have an "A" ranking. Also, since borrowing and lending regulations vary by state, select lenders that are near you to ease the legal ramifications.
Dealing with BBB A-List Lenders
Once you have your list of the top-rated non-bank large loan lenders for folks with poor credit, start approaching each directly. The BBB business directories should offer you their telephone numbers or email addresses. Initially, just ask if they are making substantial loans for folks with poor credit ratings.
Hopefully you will find lenders who are willing to discuss your financial situation and how they may be able to help you. Even if they ultimately turn you down, you will have a little more experience on how to approach others for such a loan. Each turn-down will be a learning experience for the borrower. And even at that, there will be others on your A-shopping-list who will finally offer you acceptable terms and conditions.
Have a Loan Product in Mind
Of course, you want to land a large non-bank loan that does not require a credit check. You may have collateral, such as property or a late model vehicle, that you can offer as security. If so, that will improve your chances of landing a large loan and will also lower interest rates and fees as well as offer you an extended payoff period. Do not worry if you do not have collateral. Non-bank lenders usually have experience offering loans that are unsecured to folks with bad credit.
Be aware that unsecured non-bank loans for folks with bad credit can impart pretty hefty interest rates and fees. But, the economy of today has flooded the markets with many borrowers and lenders which offers a lot of opportunity to shop around and find the best terms, rates, and repayment conditions.
Learn as much as you can about the ins and outs of non-bank lenders and start shopping for an affordable loan that will be large enough to do you the most good while offering terms and conditions that you deem comfortable for your situation.