Whether you are looking for a new loan or thinking of consolidating old loans or trying to get rid of student loans, it is crucial that you know who you are doing business with. You also need to get information in writing on the terms of the loan. There are good companies out there that can provide the service but there are many that are only interested in taking your hard earned dollars and ruining your credit. So here are some tips for you:
The Federal Trade Commission and the US Department of Education offer these tips to help you recognize deceptive private student loan practices.
BBB recommends that you investigate the company by checking them out at bbb.org. You can find out how long they have been in business, you can look at complaint detail if there have been complaints. You may also find customer reviews; they may be positive, negative or neutral. You can find out how long they have been in business, whether they are an accredited business or not as well as how they are rated. Get all promised in writing. Search on the internet, you may find additional info there. The information at BBB is free and it help you make a wise financial decision.
ABOUT BBB: For more than 100 years, Better Business Bureau has been helping people find businesses, brands and charities they can trust. In 2016, people turned to BBB more than 167 million times for BBB Business Profiles on more than 5.2 million businesses and Charity Reports on 11,000 charities, all available for free at bbb.org. There are local, independent BBBs across the United States, Canada and Mexico, including BBB Serving Central California & Inland Empire Counties which was founded in 1950 and serves Fresno, Inyo, Kern, Kings, Madera, Mariposa, Merced, Mono, Tulare, Riverside and San Bernardino Counties.