Are you struggling with a bad credit score? If you do, then there are hundreds if not thousands of people like you around the world today. One thing you all have in common is the difficulty of getting the approval for loans, whether it is from online or offline lenders. With this, you will more likely end up taking out bad credit loans. Although this is a good choice and highly accessible online, make sure that you won’t fall for some traps. Many lenders use catchy marketing spiels that are misleading. It is paramount that you get to know more about the offer before making the final decisions.
The following are some unique yet sort of ridiculous marketing tactics that bad credit loans lender use to lure you to borrowing money from them and take out a big sum of money from you.
20 Percent Discount on Fifth Application for Bad Credit Loans
Bad credit loans are designed for those who are in great need of money for emergency purposes. It is highly recommended that you only settle for this financing option temporarily. As much as possible, you have to avoid taking out loans frequently. Otherwise, you will be trapped with debt cycle.
Apparently, the 20 percent discount offered on fifth loan application is promoting a debt cycle. It encourages you to take out loans as many as you want so you can take advantage of the discount, which is actually not enough to cover up the interest rates and the fees you are paying.
Same Day Approval on Bad Credit Loans during Holidays
Everyone needs money on holidays. Unfortunately, there are no bank transactions during these days. Online and offline lenders take advantage of it to offer fast bad credit loans approval. This is because they know that you need funds to enjoy your holiday, and there is obviously nowhere else to go. Although this financing option lets you spend your holiday luxuriously, it comes with hefty interest rates. They can be twice as much as the rates offered on regular days.
Bad Credit Loans Recruitment Rewards
Lure your friends to take out bad credit loans, and you will get rewarded with discounts and some perks from the lenders. Many lending agencies make use of this scheme to boost their customer base. It may be a bit devilish to make money out of your friends, but it can give you benefits in some way.
If you see lenders online making use of these schemes for bad credit loans, take time to read the terms and conditions first. Don’t jump into making decision without checking the trustworthiness of the lender and weighing your options meticulously.