Forget Borrowing Cash From Any Peer To Peer Lending Outfit Or Hooking Up With Any "Debt Relief" Outfit!

A FEW YEARS BACK, I LOOKED INTO BORROWING ABOUT $12,000 TO CONSOLIDATE SOME HIGH INTEREST RATE CREDIT CARDS I HAD BALANCE ON THROUGH SOME OF THESE PEER TO  PEER LENDERS I HAD BEEN READING SO MUCH ABOUT. MY CREDIT SCORE WAS 735 AND I HAD ABOUT $35,000 IN ANNUAL INCOME. NO PROBLEM RIGHT?! WAS I IN FOR A SHOCKER WHEN I GOT THEIR OFFERS BACK! THE LOWEST INTEREST RATE I COULD GET WAS 17.9% AND AN ORIGINATION FEE OF 4.9% WHICJ IS TAKEN RIGHT FROM THE LOAN PROCEEDS! I SAID, "NO THANKS", AND APPLIED AT MY CREDIT UNION AN WAS APPROVED FOR A 9.9% SIGNATURE LOAN WITH NO FEES ATTACHED, JUST SIMPLE INTEREST AND HAD THE LOAN PAID OFF IN 2 YEARS! THESE CRIMINALS RUNNING THESE SO CALLED PEER TO PEER LENDERS AND DEBT CONSOLIDATION COMPANIES ARE NO MORE THAN SCAMSTERS LOOKING TO PREY ON THE WEAK. THE FIGURE SINCE YOU ARE ALREADY IN A WEAKENED FINANCIAL CONDITION, YOU WILL ACCEPT THEIR TERMS, OR ANY TERMS IN ORDER TO GET THE MONEY YOU NEED! I REMEMBER WHEN I WAS YOUNG AND DID NOT HAVE MUCH OF A CREDIT HISTORY, I HELPED A FRIEND OF MINE BY BORROWING THE MONEY SHE NEEDED TO REPAIR HER CAR SO SHE COULD GET BACK AND FORTH TO WORK AS AN RN. SHE WAS RECENTLY DIVORCED AND HAD A 2 YEAR OLD AND HAD STUDENT LOANS TO PAY TOO. BUT I KNEW HER AS A WOMAN OF CHARACTER AND SHE NEEDED ABOUT $2,200 TO GET HER CAR FIX. I WENT TO THE LOCAL FINANCE COMPANY AT 9AM AND AT 10:30, I WALKED OUT WITH A CHECK. SHE PAID ME BACK IN FULL WITHIN 6 MONTHS AND THE LOAN WAS MARKED PAID IN FULL EVEN THOUGH THE INTEREST WAS A RIDICULOUS 28.74% AND WAS PRE-COMPUTED UNDER THE RULE OF 78's. THE PROBLEM WAS NOT BORROWING THE MONEY, BUT BORROWING THE MONEY FROM A FINANCE COMPANY! IT STAYED ON MY CREDIT REPORT FOR A FULL 10 YEAR FROM THE DATE IT WAS PAID OFF AND WAS CONSIDERED DEROGATORY CREDIT IN THE EYES OF OTHER LENDERS! ONCE THIS ENTRY WAS OFF MY CREDIT REPORT, MY SCORE WENT UP BY 50 POINTS! WOW!

SO BE SUPER CAREFUL WHEN YOU SHOP TO BORROW MONEY. THERE ARE A LOT OF OPTIONS OUT THERE. INTEREST RATE IS E-V-E-R-T-H-I-N-G! WHY GET STUCK WITH SOME HIGH RATE LOAN WHEN YOU CAN DO SO MUCH BETTER WITH A BALANCE TRANSFER FOR 18 MONTHS AT 0% OR A SIGNATURE LOAN FROM YOUR CREDIT UNION AT 9.9%-10.9%?! AS FOR PEER TO PEER LENDING SERVICES, THEIR COME ONS OF LOW RATE LOANS,JUST ARE NOT TRUE! IN MY EXPERIENCE, I MET ALL THE QUALIFICATIONS TO RECEIVE A PREFERRED RATE AND THE SOCKED IT TO ME WITH INTEREST RATES IN THE HIGH TEENS AND A HIGH ORIGINATION FEE THAT CAME RIGHT OFF THE TOP OF THE LOAN PROCEEDS!