Beware: Sites that Sell Lists of Bad Credit Lenders
August 17th, 2006You see it all over the internet: Sites that claim to give you access to a large list of bad credit lenders. For a fee ($9.99 to $49.99), they’ll not only give you access to these so-called “hard to find” lenders, but also throw in some extra bonuses to entice you. If you ever come across these sites, my advice to is steer clear away from them, and don’t touch them with a 10-foot pole.
Most of these sites have the same type of promotional language:
- “Bad credit, no credit, no problem!”
- “No collateral or co-signer required!”
- “Large database of “hard to find” lenders”
- “Large database of “hard to find” credit card issuers”
- “No risk offer, money-back guarantee!”
Just to test out what all the hype was about, I actually paid to sign up with a few of them. Once the payment was processed, I was given a username and password which allowed me access to their members-only area. The information I found on their site was to say the least, dissappointing. Many of the lenders I found on these so-called “hard to find” lists were lenders you could easily find on your own through Google or Yahoo. Another major problem I found with these lists were that about half of the lenders on the list were, in fact, not real lenders. They were other clone sites selling another list of bad credit lenders. So to spell out how ridiculous this is: You are paying for a list of sites that, in turn, sell you another list of sites.
Don’t waste your time on these unscrupulous sites whose primary goal is take your money. And, don’t believe for a minute that there is some secret list of bad credit lenders out there. Most of the legimate lenders that cater to bad credit are mortgage lenders and payday loan companies. As far as unsecured personal loans, there are only a handful of real lenders for people with a poor credit history. You may already have heard of the more popular ones: CitiFinancial, HFC, and American General. There may be other lenders out there, but be cautious if the offer seems to good to be true.
January 31st, 2007 at 11:44 pm
A list like that would be seen by the industry as a scam an i recon it is a scam. Someone is making money from selling a list to battlers. Again the battler is being scammed.
February 13th, 2007 at 6:22 pm
IeriWinner_74…
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January 19th, 2008 at 2:01 am
Now everyone has to think at least twice before trusting the list of bad credit lenders. There is a chance of being fooled by a lender if you are not double checking the lender side.
Special thanks to author of this blog for providing such useful information.