What You Should Know About Online Lending Services

What You Should Know About Online Lending Services

You’ve seen the commercials. You need money, and these websites can give it to you, often within 24 hours and without a credit check. Should you take the offer?

Common sense would suggest no. Everyone knows that there is no free lunch, and the terms of many quick and easy loans mean that a financial company will have you for lunch. Granted, not all online lending services are shady. Many mortgage lending companies are reputable, as are many lending companies that offer low rates based on a high credit score.

But if you have lousy credit, and you’re still being offered a loan, that’s a red flag that you’re about to accept money that you’ll later regret.

So before you use an online lending service, do your research – check out the online reviews, comb the internet to see if there’s a barrage of negative press on the company and study the loan’s fine print. At least then if you still take the loan, you’ll know what you’re in for. And what might that be? Here are details you won’t often find trumpeted in the ads for online lending services.

Read the rest of the story at US News.