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If you’re a graduate who needs to consolidate student loans, you should know that the Internet and various loan companies in your area sometimes scam people by offering debt consolidation loans at very high interest rates or with unfair hidden fees. Some fraudulent debt consolidation companies will request upfront payments when you apply for the consolidation loan and if a lender asks you to do this, leave and seek a more reputable loan consolidation company. You should also beware of debt consolidation scams that make claims that are too good to be true and if the company isn’t regulated and accredited by a professional organization, don’t get a consolidation loan from this company. Another way to detect a debt consolidation scam is to visit Better Business Bureau’s website or the Federal Trade Commission’s website because these organizations often have listings of debt consolidation companies that are fraudulent. Write the names of these companies down and research any specific crimes the companies were accused of. Also talk to friends who work in the finance sector and ask if they know of loan companies that willfully scam people who need student consolidation loans. To avoid being scammed while looking for student consolidation loans, don’t give your personal information such as your mailing address, social security number or phone number because the lender doesn’t need this in order to determine how much they’ll offer for the loan. You’ll only need to provide information about your current lenders and interest rates on your loans. A telltale sign of a student loan consolidation scam is if they solicit you heavily through regular mail and by e-mail. These companies will claim to give you a loan at rock bottom interest rates and they’ll promise a very low monthly payment on the consolidation loan. You want to be careful with this because these companies are probably fraudulent. Another type of debt consolidation scam is when you visit a loan consolidation website and the lender asks for an application fee before they process your student loan consolidation application. You pay the fee but after a few weeks you never hear from the online company. In conclusion, student loan consolidation is beneficial because it makes loan payments easier but you’ll need to research your loan consolidation companies carefully so you can avoid fraudulent scams. When you choose a legitimate debt consolidation company for your student loans, there will be less stress in your loan payments. Are you looking for more information on debt consolidation? Visit http://studentloanconsolidations.org/ today!
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