• Keep in mind that it is against the law for anyone to ask you to pay in advance to get you a loan or credit.
   
• Ignore any offer that guarantees a loan for an advanced fee.
   
• Remember that legitimate credit offers do not require an up-front payment. Legitimate lenders may charge for application, appraisal, or credit history. However, these fees are taken from the amount you borrow and are generally paid to the lender or broker after the loan is approved. 
   
• Don't fall for promises that you'll get a loan regardless of your credit problems. Legitimate lenders do not "guarantee" loans regardless of credit history. Legitimate lenders will never guarantee you a loan or a credit card before you apply, especially if you have bad credit, no credit, or a bankruptcy petition on your credit report.

Last Modified: July 12, 2010