Looking for a personal loan? Bring your common sense with you. If you dont make smart decisions, you could end up being scammedlosing money when you need it the most. Here are some ways of avoiding loan traps.
First of all, dont believe the first brochure you read. Look around and see what the rates and terms are, and be particularly careful of really low loan rates. . Sometimes the lender sneaks in teaser rates that will adjust later or gives you a quote for a different type of mortgage product.
Second of all, find out your own credit score. Some companies will scare you into thinking that you have such a bad credit rating that youd be lucky to get any rate (which, in turn, will make you more amenable to accepting their terms on the loan). No, dont fall for that one: get your credit rating yourself. You may actually be surprised; many of us have better scores than we think we do.
Third of all, dont sign any document that has blanks or contains incorrect information. Remember that everything you are signing becomes a legal fact. If you sign a document that doesn’t have all the particulars filled in, then whatever the lender writes in will be forever...
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