Getting a personal loan online has grown into a multi-billion-dollar industry, with lenders ranging from individuals in peer-to-peer programs to big banks. Although countless Americans have been helped by the ability to borrow money without leaving home, others have hurt themselves by being ill prepared for the process.
“Because the loans are being evaluated remotely, the chances of making a mistake are increased,” warns Todd Nelson, Business Development Officer of LightStream.com, which offers personal loans from $5,000 to $100,000. In an exclusive MoneyTips interview, Nelson reveals the 5 worst mistakes you can make when borrowing money online.
- Ignoring inaccuracies on a credit report
Credit bureaus constantly receive information about your credit use and history, contributing to a profile that lenders …