At this time and age, it’s almost impossible to live comfortably without a car. Yes, there are public transport systems that are fairly decent. But they follow strict schedules and most of the time, you don’t have control over who you’re going to be in the vehicle with. With a car, you can go anywhere on your own time and with the company that you prefer. You can also bring along stuff such as extra clothes and other implements.
Because cars are inherently expensive, they are generally acquired through loans. Now, how to get a car loan?
If you have a credit score, and a good one at that, then getting loans will be a lot easier for you. In fact, you might even be getting offers from random banks and lenders every now and then. Consequently, you have a lot options and the power to choose the offer that will serve you best.
But what if your credit score is bad? What if there is no credit score at all?
While having a bad score or no score at all is a problem, it does not really stop anyone from getting loans. There are legitimate companies who offer loans with no credit. However, it might be difficult to tease them apart from scammers and bogus firms who promise similar products. This is not a precise science, but here are tips that can help you identify a scammer.
They are not registered
Let’s be very clear with this. Offering bad-credit or no-credit loans is a legitimate business. It may not be the most promising industry to dive into, but it exists legally so you can expect the companies engaging in it to be properly registered. You can easily check your local government websites to see if a business is registered. If you don’t see the business’s name on any official list, you might want to reconsider your transaction with them.
Their website does not have useful content
Companies aim to have an online presence. When they finally do, they spend money and time trying to explain who they are and what they do through that platform. If the company that you’re dealing with has a website but it does not really contain clear information about them and the products that they offer, eyebrows should really be raising.
They ask for payments up front
When a company asks for payments before they’ve even laid out the products that they offer in the clearest possible terms, they’re most like up to no good. Also, requiring a mode of payment that allows them access to your account is perhaps one of the surest signs of fraud. Immediately say no and run away as fast as you can.
They don’t have a legitimate physical address
Yes, we are now in the digital age and remote work is becoming a thing. However, we are talking about money that involves a huge amount of paperwork and monitoring so it’s really impossible for a no-credit lender to not have physical headquarters.
Ascertaining the legitimacy of the company that you are borrowing money from can be a lot of effort, but it’s totally necessary. Always reserve time and energy for this, even when you’re already a borrower with a good credit score. Protecting our money is nobody else’s business; it’s only ours.