subject: Tips For Finding The Best Unsecured Loans [print this page] When you are in need of money fast, an unsecured loan can be the best alternative to a traditional loan. Unsecured loans are meant for borrowers who have poor credit, and who may not have a lot of options in finding a loan. They do not require either a good credit score or collateral, and are generally easy to get.
Do Your Research
Every company is different. Although most unsecured loans do not require a good credit score, some still may check into your history and charge you a higher fee for lower credit. Save yourself the hassle by making sure you find a bad credit loan company where you don't have to have a good score. Also, be sure that the company does not charge you a fee for simply filling out and sending in the application. Some companies will charge you whether you are approved or not. Finally, check into the companies reputation. Have they been around for awhile? Are they listed with the Better Business Bureau? Can you contact them easily? You want a company that is reliable and well-known when you hand over your banking information.
Compare Fees
Every company has different rules and regulations on their payday loans. While some charge very low interest rates for every hundred that you borrow, others will charge double than their competitor. Find out exactly when the loan will be due, and if there are late charges if you cannot pay it back in time. You will also want to look into rollovers, or extensions, which allow you to extend your payment until your next payday if you can't pay it back, by just paying the finance fees. Check to make sure there are no hidden fees from the company, such as a charge to be issued an ID card from them.
No Fax Companies
One of the easiest ways of getting an unsecured loan is to use a payday company that advertises itself as no fax. These companies do not require any proof of your income, banking statements or employment, which expedites the loan process. Some unsecured loans will ask that you fax in proof of your income, copies of bank statements or cheque stubs, and a copy of your ID. This delays the process and can hold up getting your loan. And for those with no fax machine in their home, this means driving to a store or friends home that does have one. Find a no fax unsecured loan company to save time and aggravation.
