Reviews Around The Web
As with most online lenders, CreditLoan.com has a mixed bag of reviews from around the internet. Although the company maintains a fairly high rating on most review websites, a little digging shows that a majority of the negative consumer reviews come from applicants who were denied a loan.
The chief complaint among those who qualified for a loan seems to be the cost of credit. These borrowers cited a higher than expected origination fee and interest rate charges. Although this is certainly a hindrance for many peoples budgets, you will receive the loan terms including the APR and fees from each lender before you accept a loan. Its up to you to choose the loan offer youre most comfortable with.
Keep in mind that any subprime loan whether through a bank, a credit union, or an online lender will come at a higher cost compared with a loan for someone who has good credit.
To date, CreditLoan.com maintains an A+ rating with the Better Business Bureau and has no complaints on file. The BBB does not accredit the lending network, though. According to Reviewopedia, this is because the network once had a D+ rating from previous reviews that caused it to lose its accreditation.
Recent reviews, however, show a company that works with reputable lenders that offer affordable loans with good repayment terms. Lenders also report your payment and balance history to each credit bureau, which can help you improve your credit score with responsible behavior.
Seek Financing Options For Startups
When dealing with personal credit, there are certainly financing options for individuals with no credit history or very little history. Thus it is with business credit. Fortunately, you arent limited to absurd interest rates or mediocre-at-best rewards as a startup business.
There is a whole slew of business credit cards for startups that offer attractive rates and worthwhile rewards. Take a moment to think over the needs of your business and which rewards make the most sense for how you operate, chances are youll find a card that works for you.
Any time you apply for financing for your business, youll likely be asked to provide your name and social security number or tax ID if youre the authorized individual on the account. For some of these startup cards and potentially future financing options, your personal credit score can make up where your young or less-than-stellar business credit score falls short. By locking down a card or other mode of financing with favorable terms early, you can begin making your payments on time and start working on your credit profile.
What To Do If You’re The Victim Of A Personal Loan Scam
If you believe that youre a victim of a personal loan scam, there are a few steps you can take to report the crime but it may be difficult to get your money back.
- File a complaint with the FTC. While the FTC cant resolve individual complaints, it can direct you to the proper bureau to file a complaint.
- File a report with your state attorney general’s office. Your state attorney general’s office keeps tabs on potential loan scams and works to build a case against scammers in your area.
- File a police report for the amount youve been defrauded.
- Contact the Internet Crime Complaint Center. This partnership of the FBI and National White Collar Crime Center is for victims of fraud that began with Internet contact.
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Is Creditninja A Legit Company
Absolutely! CreditNinja is a reputable and trustworthy online lender, offering personal installment loans to borrowers in need. At CreditNinja our top priority is getting you the cash you need exactly when you need it most. Whether youre dealing with car repairs, medical bills, past due rent, or other unexpected expenses, were here to help.
So what exactly is ? Great question! We are a top-of-the-line lender that offers online personal installment loans for borrowers with lower-than-average credit scores. So you may still be approved even with a poor borrowing history. Thats because we base our decisions on more than just your credit history, like your income and overall ability to repay.
Our quick and easy application and funding processes allow you to get the cash you need at ninja speed. And the best part is that youll never have to leave the comfort of your home. You can apply online, get a decision, and have your cash deposited directly into your bank account without ever leaving the house. You can even repay your loan online as well. Your days of waiting in lines and filling out lengthy paperwork are over. CreditNinjas goal is to do everything we can to help borrowers who are experiencing difficult financial situations. We started lending in 2018, and since that time, weve originated almost 200,000 loans that have helped nearly 150,000 people.
Other Frequently Asked Questions
Disclaimer
IMPORTANT DISCLOSURESState Law Disclosures.
Are Bad Credit Loans Legitimate
There are several legitimate business lenders who specialize in working with borrowers with bad credit. In most cases, those lenders will base their decision on your verifiable business revenues and will require at least a year in business. Take your time when comparing bad credit business lenders to make sure you not only avoid scams but also improve your chances of getting favorable terms on your loan.
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Demand Cach Llc Provide A Debt Validation Letter
Most likely, youll be making this demand of Resurgent Capital Services, but the core information will come from CACH LLC.
Youll do this by demanding what is known as a debt validation letter.
The letter must provide complete information on the debt, including the name of the original creditor, the date the account went into collection, the amount of the debt, and information that clearly connects you to the obligation.
The collection agency is legally required to provide you with this letter, since it represents proof of the legitimacy of the debt.
If they dont provide the letter, or if its incomplete, youll have the right to demand they halt further collection efforts and delete the information from your credit report.
Thats not quite as easy as it sounds, and well go into deeper detail going forward.
How To Check If A Loan Company Is Legitimate
Business loans can be vital to growing your business. But you want to be careful when shopping for a business loan, as there are plenty of scammers who are out to take advantage of business owners they think might be desperate. As a result, its important to know how to check if a loan company is legitimate. Here are some tips to help you spot potential red flags.
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Should I Get A Stilt Loan
If you have an eligible visa but you lack credit history in the U.S., a Stilt loan may be worth considering. A Stilt loan may help you build credit in the U.S. since it reports to some of the major credit bureaus. And a loan from this lender can help you access the money you need if you dont have a Social Security number or meet the requirements of other lenders.
You can apply for prequalification and view your potential rate without affecting your credit scores. Youll want to check the interest rate youre offered and any other fees carefully, since Stilt doesnt say upfront what its higher rates might be.
And if you think you might want to accept the offer, remember that Stilt will run a hard inquiry on your credit before your offer is final prequalification isnt a guarantee that youll be approved for a loan, and the rates youre shown may change after you formally accept. A hard inquiry can also pull your credit scores down a bit temporarily.
If you have strong credit or an established credit history in the U.S., youll probably want to look elsewhere. And its always good idea to apply for prequalification from a few lenders and compare potential loan offers if possible.
Offers Competitive Starting Interest Rates But Doesnt Disclose Its Maximum Rates And Fees
Stilt offers decent starting interest rates but says qualifying for its best rates depends on its evaluation of your employment, education and visa status as well as other financial factors and any collection accounts you may have.
Be careful: Stilt doesnt publish its full range of interest rates, so its unclear how high your rate could be if you dont have strong credit.
The lender also charges an origination fee that it describes as small but, again, it wont disclose that amount unless you receive a loan offer.
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You Have To Pay Upfront Or Monthly Fees To Get Help
Theres nothing a debt relief company can do that you cant do on your own. And its not illegal for companies to charge for services you could do for free. Some people compare student debt relief services with tax preparation.
» MORE:Are student loan debt relief services legit?
But it is illegal for companies offering student debt relief to collect fees over the phone before they lower or settle a customers loans.
What to do instead: Go to studentaid.gov to apply for an income-driven repayment plan, learn about government forgiveness plans or consolidate your federal loans all for free. If you have private loans, contact your lender or servicer to discuss alternative repayment plans. Borrowers with federal or private loans can request a temporary pause on payments by asking for deferment or forbearance. If you take this route, though, interest will continue to accrue, increasing your loan balance.
If you want expert help in navigating your options, contact a student loan counselor certified by the National Foundation for Credit Counseling. Some nonprofit credit counseling agencies charge a one-time fee ranging from $50 to $200, but they offer trustworthy advice for a fraction of what youd pay to a for-profit company.
How To Build Credit For An Llc
Pro tip: What you dont know can kill your business
Take charge of your financial health today with a FREE Nav account. We’ll protect and monitor your personal and business credit, so when it comes time to find financing you’re prepared on all fronts.
Hey, you have a business credit score. No, not your personal credit score, but a score entirely based on your businesss ability to pay bills on time, among several other factors. You want a healthy business credit profile for the same reasons you want a solid personal credit profile you have better access to financing, you can qualify for lower interest rates, and you can secure desirable working relationships. Where potential employers often check your personal credit during your background check, vendors can check your business credit profile before going into business with you. You can also check up on your profile before making any business moves for free with Nav.
Now that youre salivating at the mouth and just DYING to get started on a stronger business credit profile, lets take a look at some ways you can build business credit for your LLC.
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What To Do If You Think Youve Been Scammed
While no one wants to think that theyve been a victim of fraud, it can and does happen. The good news is that there are several steps you can take if youve been targeted, like:
- Gather your documentation. If you have emails, screenshots or other documentation that will help your case, gather them to present to authorities when its time to contact them.
- Contact your local law enforcement. By filling out a police report, youll have an official record.
- Contact agencies specializing in oversight. After calling law enforcement, its time to contact your state attorney generals office, the FBI, the FTC and the Better Business Bureau. With this information, these agencies can better serve and protect other consumers.
- Talk about it with family and friends. As scammers evolve their tactics, its important to help others stay informed.
- Place a fraud alert with one of the major credit bureaus. If you place an alert with Equifax, Experian or TransUnion, the alert will be posted with all three. A fraud alert isnt a credit freeze instead, it lets creditors know you may be a victim of fraud and that they should contact you to verify your identity before issuing new credit.
Who Is At Risk Of A Loan Scam
The more desperate you are to get financing quickly, the more you will be a target for predatory lenders or scams. Youll need to be especially careful if you are looking for:
- A debt consolidation loan because you are falling behind,
- A bad credit loan because your credit history is not good,
- A large loan amount with minimal qualifications, or
- A business loan even though youve been turned down by multiple lenders.
That doesnt mean you cant find a loan but you must be very careful not to get taken in by a scam.
Warning: Watch out for loan offers that are too good to be true!
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So How Do You Know If You Are Working With A Scam Artist Or The Real Deal
If you work in an industry where you need to distinguish between counterfeit money and genuine money, you will be given two types of tools: training on what genuine money looks like and what counterfeit money looks like and special markers or machines that will illuminate the difference on individual bills. Today we will give you similar tips by showing you what a real GFS employee will do, what they will not do, and the simplest way to tell if an individual is a counterfeit or the real deal.
Why Do Student Loan Scams Exist
Paying off student loan debt is a major concern for most college graduates, no matter how much debt they have after finishing school.
Like for any pain point consumers have, there are legitimate businesses that provide relief and illegitimate operations that seek to take advantage of borrowers looking for a solution.
And because the student loan debt relief industry isnt highly regulated, student loan scammers have an open door through which to prey on unknowing borrowers.
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Work Out A Settlement With Assetcare Llc
If AssetCare LLC is able to validate your debt, then you are legally responsible for repaying it. This is when you need to work out a settlement with them that works in both of your interests.
The most common type of settlement that customers make with debt collectors is known as a pay-for-delete agreement.
This is essentially when a debt collector agrees to remove their account from your credit report in exchange for payment.
If you play your cards right, you may be able to get away with paying less than your full balance.
This is because AssetCare LLC may have bought your debt at a discount, and they will only need to make some of the balance back to make a profit.
Your top priority, however, should be securing the account deletion no matter how much you pay. This will help you the most in the long run when it comes to your credit history.
To kick off negotiations, offer to pay them half of what you owe them in exchange for deletion. Inch your way up until you reach terms that work for both parties.
Ask AssetCare LLC to send you a signed agreement in writing.
Once you receive this document, review it in its entirety. Only make your first payment to them when you have determined that the contract reflects the agreed-upon terms.
AssetCare LLC should remove their entry from your credit report in about a month. If you notice that their entry is still there after about 30 days, remind them of your agreement and ask them to delete the account.
What Is Assetcare Llc
AssetCare LLC is a legitimate third-party collection company that focuses exclusively on collecting medical debt.
They are relatively small and have been in business since 2016.
They also operates under the name CF Medical VI LLC.
If you see either appear on your phone log or credit report, it is the same company.
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Write A Debt Validation Letter
Goodwill deletions dont always work for people. Perhaps this is not your first debt that has gone to collections or you havent paid it off yet.
If this is the case, your next step should be to request debt validation.
Debt validation is a right that is guaranteed under the Fair Debt Collection Practices Act . It allows you to make sure that AssetCare LLC is collecting the debt based on correct and complete information.
It is relatively common for information to get lost in the transition from the original creditor to the debt collector.
If they have any inaccurate information about your debt, requesting debt validation will allow you to identify it.
It is very important that you do not procrastinate this step! The FDCPA only guarantees your right to request debt validation within the first 30 days of contact, so make sure that you act fast.
To request debt validation, write AssetCare LLC a Section 609 letter, which is a formal request for them to look into the account.
Make sure you include your name, account number, debt amount, and original creditor.
They are required by law to validate your debt within a month of receiving your letter. If they do not, they are in violation of the FDCPA.
After about a month, they should return with documents that list all the information about your debt. Go through this and mark any information that does not match your records.
If you find anything that is inaccurate, you can file a dispute with the three major credit bureaus.
