How To Characterise A Loan Scam When You See One
If you are not careful then you might get into trouble while looking for a loan. Here, we are going to mention how you can keep yourself safe from these loan scams.
If Asked For Advance Payments To Kick off Your Loan
Did you find any sort of advertisement to have a loan that is supposed to be too good to be true? Probably, they may give you an upfront loan of a specific amount and ask you to pay a sort of small fee. And it could be a scam and you must not get into it. Professional Same day loan service provider also says that they would not ask you for an upfront fee.
A trustworthy loan will truly let you know about the processing fee or other charges from your loan before disbursement to your bank account. Moreover, they will also help you to go with transport fees and the charges involved. Therefore, you need to keep in mind that you should not pay any sort of advance fee for the processing of your loans.
Not Asking For Credit Verification
The most important thing is that financial institutions are quite strict in introducing personal loans concurrent with credit verification. The most important thing is that personal loan eligibility is checked by verifying the loan repayment history including the existing loans of the person to whom the loan is being introduced. Not asking for Credit history which can be considered in form of another red flag.
Getting Lender Calls, Writers, Or Knocks
The most important thing is that if you find a loan by phone through the mail or even through a door-to-door solicitation, then be on your guard. Following the FTC, it is indeed illegal for companies to introduce a loan over call in some countries. Though, sending some general advertisements to consumers via email does not count as illegal. Some scammers also go to ideal lengths to steal from consumers including using a legitimate lender’s name.
It is not uncommon for scammers to swap out the name as well as the number showing on your caller ID to trick you into believing they are the real deal. The best thing to protect you is by ignoring solicitations and contacting the lender directly via their secured web portal or by calling online customer service.
Lender Having No Physical Address
Every lender you are interested in should impart a physical location. You need to run it through Google Maps before going ahead. You should verify it on your own since some businesses also run personal loan scams and do list addresses that are vacant lots. You should not trust a lender having any physical address. There are many fraudulent businesses so they can keep themselves from legal consequences.
Conclusion
Do keep these points in your mind so that you would not get into any sort of trouble at all.
