Beware: Guaranteed Loan Approval is a Scam
There are several ways one can do in order to protect themselves from falling victim to these schemes. Equipping oneself with knowledge from credible sources, only working with real experts, and being mindful on whoever one is dealing with online, are just among these tips. In this article, several strategies will be discussed.
Is guaranteed loan approval real?
This question can be very tricky to discuss as some would offer answers that are polar opposites. The best way to address this concern is by addressing it on the surface level. When one says guaranteed loan approval, it would give us the impression that it’s an absolute approval.
Guaranteed means, in the most grammatical sense, that right from the onset, the outcome is definite. In the context of loan applications, there seems to be no empirical evidence that no loans are inherently guaranteed to be approved at the onset.
Australia’s National Consumer Credit law provides a framework to lenders on how to ethically set interest rates and provides guidelines on how to screen each loan application. Putting it simply, this law provides lenders the “how to’s” in doing business and ensuring the overall welfare of the consumers. It also streamlines the financial industry in the country.
Spotting fraudulent brokers
If you go on Google search and type in the search phrase “guaranteed loan approval”, you can easily find hundreds, if not thousands, of pages offering this service. You should be very cautious on who you are dealing with, especially online. While there are some that genuinely offer legitimate services that closely resemble that of what you are looking for, most of them are far from being close.
If you stumble upon a company that offers a screamingly attractive, and most of the time so-good-to-be-true offer, then think twice. Promising guaranteed loan approval at extremely high rates are just among the hallmarks of predatory lenders that prey on borrowers with bad credit scores. They say that if it’s too good to be true, then it’s probably not true.
Borrowers with bad credit history are most likely to fall victim to these predatory lenders probably out of desperation. Many borrowers with unattractive credit scores believe that they are less likely to get approved in their loan applications without resorting to extraordinary things.
Working with real experts
Another major step in avoiding falling victim to fraudulent brokers and predatory lenders is to know who you are working with. Get to know the company or broker you are working with. If you are working with a company, make sure that they have the required licence to offer brokerage services. If you are working with an individual broker, make sure that you ask for their credentials and licence as well.
At Intellichoice, you are assured that you are working with real experts with decades of industry experience in loan application services. Their brokers have been working with some of the country’s leading lenders--giving you a great advantage of getting great deals at reasonable rates. Make sure you talk to your licenced broker today!