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Advance Loan Offers - A Debt Consolidation Non-Starter

Credit has become a problem for thousands of Americans, and continues to get worse. Using it responsibly is a great thing, but unfortunately it has become an avenue through which the spending never stops. Before you make a credit purchase or apply for a loan, ask yourself this: do I need to put this item on credit or apply for a loan? What's more, can you handle the payment on such a loan or credit purchase? If you can handle this, make sure that you find the best loan possible (read here about the dangers of debt consolidation loans), at the cheapest rate, from a trusted source. The final point is particularly critical, as during the shopping phase of loan hunting, you will likely be faced with companies offering so-called advance-fee loans. These are scams, generally, and should be avoided at all costs. The details behind them are this: you pay an upfront fee, and in return you get a loan or credit line. The issue here is that these companies will rarely if ever actually give you this "credit line". The most important note here is that even if the company could follow through on such a promise, they would not, as it is 100% illegal to ask for money in exchange for the promise of approval.

Recognizing An Advance Fee Scam
There are very simple signs that an Advance Fee Scam is happening, but you must make sure that you recognize them up front, and avoid getting ripped off. First of all, recognize that no legitimate lender would ask for money in order to guarantee credit or a loan. Frankly, no lender can guarantee an approval under any circumstance, so avoid those who trumpet that so-called "fact". Lenders also are simply not allowed to ask for payment until you have a written copy of the loan offer.

More Red Flags
If someone cold-calls you about a loan, avoid dealing with them as well. Across America, there are mobile shops set up waiting to rip you off, and all it takes is a quick phone call to do it. Avoid these companies, and never give out sensitive information over the phone to organizations you don't know. They may be able to defraud you simply with the information they have. Finally, be aware that many advance fee scam offers appear in popular newspapers. Particularly in classified sections. Avoid these, unless you absolutely recognize the company as a trusted lender.

Sadly enough, it is not enough these days to budget, plan for your retirement and save money. You must also take a "buyer-beware" stance at every juncture. This is why you should always shop around when looking for any kind of loan, and trust that institutions close to you will give you a better deal as well as be around when you need them. Forgetting these facts could make you the target of fraud, and saddle you with extra debt you don't need.

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