There are many payday loan sites
today that promise to answer your urgent needs. Payday loans lend you cash
during dire circumstances when you have run out of money, but, still have to
meet certain obligations. In most cases, all you need to do is fill out a form
given by the payday loan website, and, you can get the cash in as quickly as one
hour. But, it's not that simple, as lenders will ask for your social security
number and access to your checking account. Doesn't this endanger your personal
security?
If you are dealing with a legitimate
payday loan provider, then, you should have no problem. However, what are the
chances that you will fall into the trap of scammers? If you are not careful
enough, you could become a victim. Imagine being in urgent need for money and
learning that you have been tricked. You will know if you have been deceived if
your checking account has been charged even though you have not received any
money from providers in the first place. This is not only disheartening, but
also frustrating.
What happens if you have become a
victim of a payday loan scam?
This is the sad part because, after
you have voluntarily surrendered your personal information and given the
scammer access to your checking account, you can do almost nothing to retrieve
the money taken from your account. The only thing you can do is to help other people
by simply sharing your embarrassing and discouraging experience to them to warn
them. The bank cannot help you since you voluntarily gave your account details.
You can file for legal complaints, though, but the process may take quite some
time.
Identifying Payday Loan Scam
• They will say that your credit
rating does not matter. Even though you are only borrowing a small amount, that
doesn't mean your credit report is not significant. Payday loan providers
should look at your credit rating. They are at risk with borrowers who have a
bad credit report, although, a bad credit rating does not necessarily prevent
them from providing you with a quick loan. But then again, there are some legit
companies that say they don't care about your credit rating.
• Illegal providers make the process
confusing. Legitimate lenders guide borrowers throughout the process. The
procedure should be the same all the time.
• The terms are not well laid out.
If you are submitting banking information to the loan provider, be smart enough
to read their terms and conditions. A lot of people don't do that. It is
popular nowadays to just click "I Agree" right away without reading
what they are agreeing to. It is actually important to read a website's terms
and conditions.
• The loan provider has a lot of bad
reviews. Unsatisfied customers will express their anger to those who have
failed to please them. You should not trust, let alone even contact a loan
provider that has received a lot of bad reviews.
• There are hidden fees. A legit lender
will tell you if there are charges before you apply for the loan. Scammers will
surprise you with sudden fees in the middle of a transaction.
• The loan provider is not registered. Loan
providers are business owners and should be officially registered in your
country or state. Although, the registration does not necessarily mean that the
lender is good, it just means that you are dealing with an entity that legally
exists.
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