Global Lending Services is a subprime loan organization, which gets tons of consumer complaint to a law firm for various debt harassment. It also lists GLS as an independent consumer finance organization. According to its official website, GLS was established in 1998. According to the company’s web site, GLS provides mortgage refinancing loans to small and medium sized businesses (SMBs). GLS does not deal with any government finance. GLS has its own unique brand name, which is ‘Global Loan Procurement’.
As far as I can tell, GLS offers various products such as home and refinance loans, commercial loans, car loans, debt consolidation loans and refinancing packages. They offer services to both home and auto refinancing. The unique selling point of GLS lies in its low interest rate refinancing program.
In a nutshell, global lending services loan refinance package includes a primary mortgage, second mortgage and interest rate swap. Now, for you as a home owner, it would be very simple to get the mortgage refinanced to a low rate of interest as you are paying the same amount as you were paying in your original loan with a higher interest rate. In case of a refinance on auto loan companies, you may have to pay higher fees as the rate is variable. But that depends on the lender. And if you compare lenders side by side, you would probably find that some lenders offer lower rate of interest than the others do. However, these are few points to ponder over.
Global lending services offer regular credit bureaus, e.g., Experian, Equifax, and Trans Union. These agencies provide you with a report of your credit history every month. After a thorough check up, they will send you a free copy of your credit report once a year. The report contains all your financial information like your outstanding credit balances, payments, repossessions, foreclosures, and bankruptcies etc.
When it comes to auto loan refinancing, you can expect a hard credit inquiry. Lenders would ask for your monthly payment information and employment history. Based on the information that they gather, they may decide whether you are eligible for a loan or not. They also ask for your present income level and monthly payment history.
Global Lending Services also provides loan payments to selected lenders and lending agencies. Lending agencies submit the application requirements to Global Lending Services, which in turn will contact the selected lender. The selected lender then contacts the selected credit reporting agencies for your loan payments. This method has a higher risk, as it involves money transfer from the Global Lending Services.
However, if you are considering a loan at a lower interest rate, you may want to compare various lending companies before requesting for a quote. Before deciding which lending company you will work with, you should consider what type of loan you would like to take out. Remember, there are two types of financing – secured and unsecured. You should know how much you would be able to borrow by considering these factors.
There are many reasons why people prefer to get Global Lending Services loan quotes. Probably the primary reason is because they have a bad credit rating. If you have a bad credit rating you may not qualify for the best loan terms available from conventional lenders. Global Lending Services does not make you enter into a bidding war; rather, they simply provide you with an offer that is based on your current financial situation. Once you decide to go ahead with the refinance offer, you should immediately inform your old lender about the refinance. As soon as you sign the agreement with your new lender, your old account will be closed and you will begin receiving payments from the new lender.