Personal loans can be very beneficial. They can help individuals get through sudden financial emergencies. Some personal loans even help people start their own business and make money. Because it’s a good way to get money when you really need it, tons of people turn to personal loans to get financed right away. Tons of money lending companies are now available online that can help finance clients.
But not all money lending companies are trustworthy. There are some scams and frauds prevalent online and unfortunately, there is no certain way to make them pay for their wrongdoings. What people do is be careful at who they are dealing with and figure out the legitimacy of the company. Below are some signs that the company that you’re dealing with is actually a scam and how you can deal with them.
Too good to be true
There are tons of marketing campaigns that companies use to entice potential clients. Some add a free Hong Kong trip for three days. Some even put extra cash on the loan plus a free iPad. If this is the case, then you better be careful. Some of these too good to be true marketing campaigns can lead you to a scammer who’s ready to say anything just to get what he or she wants. Ask the company why they are offering these freebies. If they are saying that it’s for their third-anniversary celebration then it makes sense. But if it’s actually always like this then there must be something wrong with them.
They are always in a hurry
Quality lending companies won’t force you to sign right away. They have enough clients for a month because they are legitimate and authentic. You can take weeks to decide before you can sign up. But companies who are always rushing you to do things and keeps on bugging you even though there’s no reason to hurry is something that you should raise an eyebrow on. They might always pin you to only one option without offering you other types of loans that might be better for you. The company must be in a hurry to get information on you or get your own money.
They ask for an advanced fee
Advanced fees that lenders ask are merely in the application process. It is not a requirement and a determiner whether or not the loan can get pushed through. The only way scammers can get money is through asking these advanced fees that are not needed. If they are asking for money right away then you better run away and look for other options.
The money will go to one person
Another red flag is when the processing fee will go straight to a bank account of an individual and not to the company. Another sign is when there’s no receipt issued since they are not governed by the proper government agencies. If they ask you to send money to an individual’s account then it is probably a scam.
The lender is always away
If the lender is always unreachable and did not give any legitimate contact information, then the company must be frying up a scam. A way to see if the company is professional is through its email address. If it is using a company email then it is certainly authentic. But if it’s a regular Gmail or Hotmail then it’s just an individual posing for a big company. It’s also better to know the physical address of the company. Visit their office sometime to check the important clearances that you will certainly need.