Monday, June 18, 2007
One fish, many loan sharks

It's hard to know how to feel about the ease with which banks, loan offices and other such financial institutions can pick up new customers. I find it a little bit scary that there are so many different ways to get a mortgage, car loan, school loan...loans, loans, loans. And you can do it all without even talking to anyone anymore thanks to the web.

Y'all know I love the Internet. I love researching, blogging, putzing around and then writing about it. A couple years ago I used a website to help me find the cheapest car insurance. All the bells and whistles seemed to be eliminated; I plugged in my information and the sharks started competing. It wasn't until I picked a company that I found out all the little pieces which inevitably upped my final payments.

The next loan I intend to take part in will be one for a personal investment...a mortgage. What I'm scared about with regards to adding my name to the pile of lenders has to do with my credit score. Every time someone pulls your credit score...your number drops 5 points. Holy mackenzie! So if I put my name into a site which will find me the best rates...does that mean each lending company will be pulling my credit and my score will plummet?

So, how do you know you are getting into something secure and customer friendly? Is there even such a thing as a secured personal loan? So in my readings there was one site that immediately seemed to know my fears. The UK Personal Loan Store flat out says "If you are seeking a personal loan there are many options that are available, some times too many. Just what is the best selection for your personal requirements? How do you choose the right loan?" I found out through their site that it's not so much the credit inquiries that hurt you, but it is the inquiries of which you are actually applying for the credit or loan. So even if you put your name on 250 sharks...they can't all eat you. =o)

Disclosure:
This post has been sponsored.

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  • Written by: Christy"
    • | 2:49 PM | 0 comment(s)! |