What is right and what is wrong? That question has been debated millions of times over millions of years. (Okay, not millions, but probably ever since humans could talk). The loan industry is one of the most debated industries in many countries, because it’s entirely based on people in need. Of course, there’s a difference between a traditional payday loan to get to the next paychek alive, and a mortgage loan, because you just need those extra 200 squaremetres, but it’s still the same deal in principle – the loan company is profiting from people in need – which is easily exploitable.
Of course, there’s another side to it too – the person taking the loan can always just refuse to pay the loan back. It’s easier said than done, but especially with smaller loans, it happens often, where the person just loses his credit score. With big loans, people often pay at least some of it back, and the loan is usually backed by somebody in these kind of cases, but the recent 2008 crisis showed us that big loans can be left unpaid just as easily with much more damage too.
Are “bad credit” loans real? Can they be trusted?
When a person loses his credit score, it makes absolutely no sense for a loan-company to grant a loan for him without it being backed up by another person with good credit. Now why is that you still see plenty off these kind of offers, where “bad credit loans” are advertised? The answer is simple – those are ruthless scams, they’re only after the application fees or some other scam. But is that completely wrong? At first, yes, is sounds like it, but let’s put it into perspective. For most people who have lost their credit, it’s because they’ve simply screwed over other companies by not paying their bills on time/at all. One could argue that it’s simply “bad karma” in action. That, though, is very debatable. (source: lån)
But the truth is, there are people in this world that truly do not care wheter something is ethically right or wrong, all they care about is profit. This is why it’s essential to check websites like http://haelainaa.net before applying for a loan of any kind – because no matter how trustworthy a company seems, it may still be a scam, or as a lesser evil, a completely overpriced loan.
So, be safe and read reviews after applying!