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  • Biggest Misconceptions About Most Insurance Companies
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    Biggest Misconceptions About Most Insurance Companies

  • 3 Financial Challenges When Living In A Condo
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    3 Financial Challenges When Living In A Condo

  • For First Timers: Ignore These Myths About Car Insurance
    3

    For First Timers: Ignore These Myths About Car Insurance

  • Home Loan Fraud that You Should Watch Out For
    4

    Home Loan Fraud that You Should Watch Out For

  • How To Deal With Post-Divorce Life
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    How To Deal With Post-Divorce Life

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Lifestyle Tips

What are Second Mortgage and Things to Watch Out For?

What are Second Mortgage and Things to Watch Out For?

A mortgage is a loan that is placed on the acquisition of a real property. These mortgage loans are often...

Biggest Misconceptions About Most Insurance Companies

Biggest Misconceptions About Most Insurance Companies

Stories from family and friends, myths and negative news published regarding insurance make everything complicated. Moreover, to provide you clarifications,...

3 Financial Challenges When Living In A Condo

3 Financial Challenges When Living In A Condo

Living in a condominium is indeed convenient for both single and couples when it will only take a five-minute walk...

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How to Create More Space at Home without Spending Too Much

Creating more space at home gives you the eagerness to find a solution to make it bigger, but having a...

How Personal Loans Can Be Pretty Useful for You?

How Personal Loans Can Be Pretty Useful for You?

Did you ever wonder how personal loans can help you out in terms of your personal financial status? Read on.

For First Timers: Ignore These Myths About Car Insurance

For First Timers: Ignore These Myths About Car Insurance

For the first time car owners, your responsibilities do not stop when you acquire a driver’s license. Below is the...

Home Loan Fraud that You Should Watch Out For

Home Loan Fraud that You Should Watch Out For

Home loans are great ways to generate the cash we need especially when it is used for managing matters in...

Essential Budgeting Strategies For Your Children

Essential Budgeting Strategies For Your Children

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Featured News

Home Loan Fraud that You Should Watch Out For

Home Loan Fraud that You Should Watch Out For

Home loans are great ways to generate the cash we need especially when it is used for managing matters in our financial aspects. We often tend to have an impression on loans being something that can lead us to bad debts. The truth is, a home loan can be a good tool to help you with other financial decisions that you need to make and help you organize your money management.

The real concern one should worry about are financial frauds which also happens when you take on a home loan. Personal loan scams are happening and being aware of these scams will help you avoid them. Not only does it secure you, it also helps the industry maintain licensed and good operating financial institutions.

  1. Requiring Upfront Fees

This is one way of most fraudulent lender gets away from potential borrowers. Upfront fees are not a practice of personal loan lenders. Any fees that need to be paid upon the onset of the loan is deducted from the proceeds. Fraudsters often ask and require high upfront fees to be paid before the loan is processed or approved. They give an excuse such as processing fee and/or evaluation fee. When these terms come into conversation, better step out of the door and leave.

  1. Credit Standing/Score Repair

Several cases have been raised about businesses and business owners being enticed to have their credit repaired. Most businesses often have an average credit rating which limits them to borrow what they can actually afford. These types of fraudsters approach businesses and business owners to help in repairing their credit. They then charge professional fees from which a regular loan is being placed on the borrower’s shoulder to cover.

  1. Bait Agreement

This is a case where unscrupulous lenders show the borrower terms which are hard to pass off. Once the borrower agrees, the money lender then switches the agreement to a more stringent and predatory terms which the borrower ends up getting tied to. A bait agreement is accompanied by very high rates which the borrower may find hard to pay off.