As I have been looking for a consolidation loan, I am at a loss because of my poor credit score. That is, if I were to take out a loan with a poor credit score, my interest rate would likely be in the high teens (15-20%).
Regent Financial called me after I had filled out a request for more information a website about loans for all types of credit (including "bad" or "poor" credit). An agent called, her name was Samantha Noland at extension 309.
Samantha approved my loan within a day or two, for a ridiculously high amount ($7,000) at a decent interest rate (8%). She informed me that they had to complete an "investor" loan, and that is how I could get that rate, even though I was considered "high risk."
She explained that the private lender, an investor in Canada, would need a collateral equal to 8 months of payments, including interest, because I was considered "high risk" because of my credit check, ran by the investor. Here is where I was concerned: I was only asked for my birth date and home address. I was never asked for my SSN. To run a credit check, you MUST provide your SSN. It is the only thing unique to your name. If you are like myself and have a ridiculously common name, things constantly end up on your credit report because of a typing error or mix up with names, birthdates, and SSN. It is simple to fix, just by calling the credit reporting agency and explaining this is not your debt. They will verify only by your SSN.
I explained to Samantha that the investor could not have possibly ran my credit. Also, I keep track of my score weekly, and a hit like that would have affected my score right away. She asked me to hold on (and was ever so polite the whole time, by the way, bless her heart), and then returned on the line to let me know that they check credit based on my birth date. Once again, I explained that was not the case. She put me on hold again, never to return. I called her back, and explained we must have gotten disconnected. She said no problem, but could she call me back in ten minutes, she was on the other line. I agreed, of course, and never heard from her again.
I brought it all to my bank and they advised me to stay away. Especially since Samantha informed me that I would need to wire money directly to the investor in Toronto, Ontario.
Please be careful. If your credit is poor, there are definitely ways to find a loan, but they will always, always, always require pulling your credit. Find a local bank and speak with them about your issue, and you can usually resolve it safely.
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