I was offered a loan from a company that claims to get loan approvals for people with undesirable credit. I have been denied by banks and credit unions, but this company says that I am approved with a cosigner that makes at least $50,000 a year or pays $1,000 for insurance, in case I default on the loan before the proceeds are disbursed. The loan is supposed to be some kind of "tax loss loan". Is this a legitimate loan offer?
There is no such thing as a free lunch. If someone is soliciting you, be very cautious. The key factors here are: what is the interest rate; what are the loan terms; what are the fees; and what are the repayment requirements?
Any reputable lender may require that you have a qualified cosigner. That person is available to make payments in the event you don't. This reduces the risk the lender is accepting when you have bad credit.
When this is in place, you should get a reasonable loan. If the loan offered is "special" and entails additional costs and restrictive terms, avoid it. We are not familiar with any "tax loss loans" and don't understand any cross references between rebuilding credit and taxes.
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There is no such thing as a free lunch. If someone is soliciting you, be very cautious. The key factors here are: what is the interest rate; what are the loan terms; what are the fees; and what are the repayment requirements? 