An Attorney General in North Carolina has prevented a financial services company based in Florida from operating in N.C., because of its high interest rates on illegal loans that it was lending to unsuspecting clients online.
The lender would contact potential clients through phone and email, which violates consumer law stating that people must pick up their cash loan in person. Approved Financial is accused of hiking interest rates to as much as 200%.
If you want to avoid companies like Approve Financial, and get connected with lenders who are licensed and using fair practice when dealing with their customers, we suggest you do your research and look for alternatives like this.
1. Personal Loans
This one is a great option because it can be used for whatever you need. This means that you’re in charge of what you spend it on, and the lender only has so much say in where it goes.
This is a great option if you need a bit of cash to tide you over, but you don’t need all the restrictions that typically come with other conventional loans. While a personal one may look into your credit history a little bit, there are plenty of options to make paying it back easy and prolonged, if need be.
2. Car Title Loan
According to Loancenter, this one is a credit that is taken out against the value of your car. It is using your car as collateral so that you can get cash quick. One of the best things about this type is that the lender won’t need to see your credit history to approve it.
As long as you can prove that the car is in your name, then the lender can approve your loan. You will be given a cash credit that is equal to or less than the value of your car. Similar to a personal type of credit, you get to choose what you spend the money on – there are very little restrictions.
What’s more, you also get to choose how and when you pay it back, with flexible repayment options.
3. Veterans Loan
There are lending options available if you’re a veteran. The Department of Veterans Affairs has a number of different possibilities available to all veterans and members of their families.
This is a great possibility if you’re a veteran and need some money quickly because there are flexible repayment options, which means you don’t have to stress about paying back the money straight away. The VA acts on your behalf and vouches for you, which is going to make it a lot easier to get a credit.
4. Small Business Loan
If you’re an aspiring entrepreneur and you are trying to get your business off the ground but don’t have the cash flow to do so, you may want to consider taking out this one. This type is flexible in regard to paying it back and can help you initially when you really need it.
The Small Business Administration has many different options for people interested in starting up their own business, and they work on a case by case basis to make sure that the loan suits your current situation. If you need a loan now but won’t be able to think about repayment for a while, this can be a good option.
5. Home Equity Loan
Similar to a car title loan, a home equity loan is one that is taken out against the equity that you have in your current home. This is a great option if you have plans to renovate your home, or you’re trying to pay off a student debt bit by bit.
Because your home is the collateral here, repayment options are highly flexible, as it is usually absorbed into what you’re currently paying off on the home. If you need some money quickly, and you have equity in your home, there’s no reason why you can’t use it to your advantage, without having to think about repayments immediately.
As you can see, there are a lot of options out there that can suit everyone’s needs, especially if you don’t want to have to think about paying it back straight away. Everyone’s situation is different, which is why it’s good to find an option that doesn’t require you to pay it back straight away.