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- How do I receive the funds? A: Students who have bad credit and no cosigner can make use of the federal loans. These loans are available easily and the students only need to fill the Free Application for Federal Student Aid (FAFSA) form that can be found online. Private loans can also be explored but generally when there is no credit record or a cosigner then the interest rate for these loans can be quite high. Loan aggregators, also called lead generators, can – and do – sell the information included on loan applications, and potential borrowers may not even know it. The application may ask for your name, address, phone number, date of birth, Social Security number, bank or credit card account number, annual income, and more. Credit Cards Running the Gamut
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If you feel you have been the victim of a loan scam and are concerned about your personal financial information, contact your banking institution, and the three major credit bureaus. Credit Issues Most personal loans are set up as installment loans . which means you repay the loan over time, with a set number of scheduled, fixed payments (usually monthly). Most people who take out personal loans plan to pay them back in 12–18 months.
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