How Do I Cancel My Loan Request
We are sorry that you do not wish to continue with your loan request. As soon as you submit your request, we try to match it with Lenders on our network. If you have been matched with a lender, you must contact that lender directly to cancel your request. The lenders contact information is included in the details of your loan offer.
Know The Seven Warning Signs Of Personal Loan Scams To Avoid Being A Victim In This Growing Crime
Identity theft and personal loan scams are increasing as more of our lives go online. Theres big money in the billion-dollar personal loan business and even bigger money in stealing peoples banking information.
Apart from completely unplugging your world and living the hermit life in the back woods, the best way to avoid being a victim is to know some of the most common warning signs of personal loan scams.
Scammers are quick to change up their tactics but seven warning signs always seem to come out and give the fraud away.
Use these seven personal loan scam warning signs to protect yourself and check if a loan company is legitimate.
Why You Can Trust Bankrate
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. Weve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next.
Bankrate follows a strict editorial policy, so you can trust that were putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts, who ensure everything we publish is objective, accurate and trustworthy.
Our loans reporters and editors focus on the points consumers care about most the different types of lending options, the best rates, the best lenders, how to pay off debt and more so you can feel confident when investing your money.
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How Much Will My Credit Score Increase If A Negative Item Is Removed
This can depend on what the negative item or derogatory mark is, whether its a late payment or something else. A negative item can continue to affect your credit score for up to 7 years, even after its removed. The best thing you can do to repair your score is to take steps to build your credit back up.
Personal Loan Scam Warning Sign #: Emails Out Of Nowhere
It always amazes me how spam email catches so many people every year. Any stranger offering you a commission, bonus or any money in an email is 99.9% of the time a scam. Ask yourself, why are they contacting me and not someone with experience in this kind of thing.
These email scams happen in personal loans as well. You receive an email with a loan offer and a rate that is too good to turn downalong with a link where you can supply your personal information. If the scammer didnt have malicious software in the link that hacks your computer then the information you provide is more than enough to steal your identity.
Never click on a link or open an attachment in an email that is from someone you dont know, just dont do it. Its not a sweepstakes number or a hilarious cat picture, its a hacking scam to get your information.
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What If I Do Not Get Matched With A Lender
If we cant find a Lender who meets your needs, we will notify you almost immediately. If we cant match your loan request to a Lender, you may return to the Web site and complete a new loan request any time you want. We are always adding new Lenders to our network, so please continue to check back.
Can I Mail Email Or Fax In My Loan Request
LendingTree is committed to sending information to Lenders quickly and accurately. Using mail, email or fax would introduce the possibility of transcription errors, unnecessary delays and additional costs which would reduce the benefits of using LendingTree! That is why we only accept loan requests through our online forms or over the phone where we can confirm the information you provide.
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The Lender Isnt Interested In Your Credit History
Truly reputable lenders make it clear that theyll need to look at your credit, sometimes getting reports from all three major credit bureaus . Most lenders need to know whether you have a history of paying bills on time and in full to make sure youll be diligent about repaying a loan.
Fraudulent businesses arent interested in your creditworthiness. They tend to seek high-risk borrowers who are likely to fall behind on loan payments and incur excessively high late fees and penalties.
There are reputable lenders that offer bad-credit loans, taking into account more than just your credit score when determining your eligibility. However, these lenders will still typically ask for things like your income, employment information and education before offering you a loan.
Takeaway: Do your research and make sure youre working with a lender thats interested in your previous financial history, even if it isnt all that great.
How To Check Application Status
If you werent insta-approved, you can check your application status. The quickest way is to log into your account. In the menu, there is an application status section.
If you prefer the phone, you can call the automated status line by dialing 800-436-7927.
If you call, Chase may direct you to speak to a representative. If this concerns you, dont call to check. You can check by logging in and that will never result in a chat.
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Missing Information Or Paperwork
Loans almost always require several forms of paperwork, including employment and income information , a credit report, government issued ID and in some cases collateral documentation. If you are missing some of this information you are essentially guaranteed to get denied.
Make sure all of your paperwork is in order before you apply for a personal loan again. You may end up not needing some of it, but better to have it handy just in case.
Check Your Credit Report For Errors
Most lenders consider applicants credit, although they may also take your current outstanding debts, your income, and the resulting debt-to-income ratio into account. Some lenders also look at your education level, employment status, and career path.
Being denied for a personal loan comes with an opportunity if the decision was at least in part based on your credit . By law, you have 60 days to request a free copy of the credit report and score the lender used to evaluate your application. Details on how to request the report and score should be on the letter of adverse action youll receive from the lender. The free report wont count against the one free report per bureau per 12 months you can request on AnnualCreditReport.com.
Look over the credit reports closely for errors, such as a reported late payment when you have proof you made the payment on time. Disputing errors with the credit bureaus could get the mistake fixed, and quickly boost your credit score as a result. Note: The credit reports from the three bureaus may not be identical, and the absence of accounts or information may not be an error. Some creditors only report your payments to one or two bureaus, and the bureaus might have access to different public record information.
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Equifax Dispute Results In 96 Credit Score Point Increase
The reality is that by disputing my Equifax credit report, my credit score eventually increased by about 50 points.
For four days, I believed that disputing a credit record could seriously hurt my credit score.
My world was rocked and I didnt understand
Then I got an email saying that my credit score had increased by 96 points!
Can you believe it?
A one-day credit score increase of almost 100 points.
As a result of my Equifax dispute, three already closed student loan accounts were removed from my credit history that contained delinquent payment histories.
Would the removal of three old and closed accounts with negative reporting actually result in a 96 point credit increase?
I have been tracking my credit score for all three credit agencies with both FICO and VantageScore and you can see them on some really interesting comparison chart graphs by going to this articleVantageScore 3.0 VS FICO Credit Score 8 Comparison Charts.
Do not panic over sudden large credit score increases and decreases.
This is a great lesson for all of us who monitor our credit too closely
Do not get caught up in sudden large credit score increases and decreases.
Dont freak out if you see your credit score decrease suddenly after you dispute some records.
Give it a few days and you should see a positive result in the end.
Or visit our review of the best credit repair companies of 2020
Your Credit Utilization Has Changed
Your credit utilization ratio is the amount you owe on your credit card relative to your credit limit. It influences your credit score, so a change in either of the two can cause your score to adjust.
Have you charged more on your credit card lately? If so, your credit utilization may have increased, which can negatively impact your score. Typically, having less than a 30% credit utilization can keep your credit in top shape.
Check to see if your credit card company has increased or decreased your total limit. Often credit card companies will tell you if youre eligible for a change in credit limit, but they could alter it without you knowing. If your spending habits remained the same, an increase in your credit limit would decrease your credit utilization ratio, which can positively impact your score. A decrease in your credit limit would increase your utilization ratio thus, your score could go down.
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How Lendingpoint Compares To Other Personal Loan Companies
LendingPoint has relatively low credit score requirements and offers loans up to $36,500. However, its rates and origination fees can be high. If you have less-than-perfect credit and are shopping around for a loan, another popular option is Avant. Heres how Avant compares to LendingPoint.
LendingPoint vs. Avant
Like LendingPoint, Avant is an online lender. It offers loans of $2,000 to $35,000 with loan terms as long as 60 months. It also disburses loans quickly and doesnt charge prepayment penalties.
Avants APRs and origination fees are similar to LendingPoints, so where Avant stands out is its refinancing options. Although LendingPoint doesnt offer personal loan refinancing, Avant allows customers to refinance unsecured personal loans. Refinancing can be useful if your credit has improved since you initially took out the loan because you might qualify for a better interest rate. With Avant, you can refinance your loan up to two times.
Read our full review of Avant personal loans here.
For borrowers with fair credit or better, LendingPoint can be an appealing option. It has relatively low credit score requirements and disburses loans quickly so you can quickly get the money you need in an emergency. Customer reviews of LendingPoint are largely positive, but look out for high origination fees and higher-than-average APRs.
The Lender Demands A Prepaid Card
Some scammers have been known to require prepaid debit cards or gift cards from borrowers, claiming that they need it for insurance, collateral or fees. This is a scam. Legitimate financial institutions may charge a fee for your application, appraisal or credit report, but those charges are deducted from your loan.
A prepaid card is a big red flag. Its virtually as untraceable as cash, and you wont be able to report it as stolen if youve given it to a lender.
Takeaway: Never use untraceable payment methods, like a gift card, prepaid debit card, or cryptocurrency when dealing with a lender. You should accept a wire transfer, direct deposit, or a check you can deposit into your checking account.
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The Lender Has No Physical Address
Every lender youre interested in should provide a physical location. Run it through Google Maps just in case. Some businesses running personal loan scams will list addresses that are actually vacant lots, so its important to verify this.
If you dont find any sign of a physical address, avoid the lender. Many fraudulent businesses are untraceable so they can avoid legal consequences.
Takeaway: Dont do business with a company that cannot provide a physical address, and always verify that the address is legitimate before you proceed.
How To Check If A Loan Company Is Legitimate
Whichever loan company or personal loan provider you choose, you should always check to make sure its legit. Even if you get the name of the loan company from a friend or family memberespecially if you get the name of the company from a friend or family member!
Its because thats how these personal loan frauds work, through word of mouth from friends and family. A small portion of the promised loans are actually paid out which gets word of mouth going and then the scammers empty everyones bank account.
So always check to make sure a loan company is legitimate by checking its record with your states Secretary of State or Treasury website. They will have a page dedicated to loan scams and personal loan frauds where you can check for the loan company.
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Alternative Personal Loan Options
on LendingTrees secure website
Even with a credit score of 600, you still might be able to secure a loan through Peerform. … This peer-to-peer lender gives you a customized grade based on your credit score, allowing for you to easily see the rate that you can obtain. While Peerform is great for those with less than stellar credit, you more than likely will be able to find better rates elsewhere.
What Is Lendingpoint
Founded in 2014, LendingPoint is an online lender based in Kennesaw, Ga., outside Atlanta. It began by offering personal loans only in Georgia, but has since expanded to 34 states and Washington D.C. LendingPoint has originated more than $500 million in loans through its website and loans made through merchants known as point-of-sale loans. The company lends to those with fair credit, borrowers with scores as low as 580 who may not be able to attain a personal loan through more traditional financial lenders.
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