17 Nov
2011

Payday Loan Scams

Posted by : Dougie Morris

Tips on Avoiding Online Payday Loan Scams devider

Some payday loan and cash advance lenders are not always what they seem. And like any other online money scams, it can be easy to fall for scammers’ words, especially if you have or are currently looking for a payday advance online.

When shopping for payday loans, always ignore SPAM unless you have already applied for a loan, via a website for a payday loans. If you have not applied don’t look to your SPAM box for the best option, try using a secure multiple-lender website and have them find you the best loan.

Don’t pay a fee. Most legit websites will never ask you for a fee to search for a loan. The lender will most likely impose interest on your amount, once you have accepted your loan but they should NEVER charge a fee to just search for a loan on your behalf.

Do some research. If a site or an offer ever looks fishy, make sure to do research on the company before providing them any of your information. All secure lender or lender searching websites will be very clear about their privacy and security information. They will most likely provide a Better Business Bureau (BBB) seal and feel free to call the BBB to check on their business complaints. Also, most sites will provide a phone number, email or address for you to contact if need be. Be wary of sites that do not have a method of contacting the business directly.

Express personal discretions when transmitting confidential data over the internet. Scammers like to target customers of the personal loan industry, due to the fact, that it is routine in nature for lenders to request confidential data, such as social security and banking account information, in order to process loan applications. Look for certain security seals that link DIRECTLY to an active certification of validation for that domain. Make sure the domain address matches the one on the ACTUAL certification and that the business it is registered to is a reputable company that can be found easily online.

Always support any suspicious behavior to the Better Business Bureau (BBB), click here to report suspicious activity.

More tips on avoiding payday loan scams.

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