A payday loan is a short-term loan, and it’s very beneficial when it comes to needing money for important essentials and emergencies. A lot of people resort to it because it’s quick to process the application, and the money can easily be handed to them just right in time. Payday loans are also of easier access compared to other borrowing and lending options. And because more and more people consider getting a payday loan, also a lot of companies are benefiting, and many also are starting the business.
In the middle of numerous payday loan lenders you can see online, the challenge is getting a legitimate, trustworthy, secure one. Scammers and their twisting tactics are prevalent; that’s why nowadays, it is vital to be very wise, careful and alert. It’s about money, and you know how money can be both helpful and harmful at the same time. Below are 6 tips for you to avoid getting payday loan frauds and to have a safe payday loan service experience. They talk about how you can make sure that the payday loan lender you’re considering is not a scammer.
#1: LOOK UP INFORMATION
Before anything else when you’re about to apply online for a specific payday loan lender, you have to do your research about it. It is important to know its background, its purpose and its services. If the lender is already widely famous for its countless excellent services and reputable clients or partners (if any), then it is not very necessary anymore to do a lot of research about those aspects; however, it’s still helpful to do so.
If the lender is not very well-known, look it up and everything relevant for you to know. Reviews are not enough because some deceivers might just use several accounts or pay for fake reviews. Get every helpful information you can get to see if it’s legit and trusted. If you find enough good and trusted information, then that’s one of the checks that your lender is not a scammer.
#2: APPLICATION IS FREE.
Online payday loan lenders don’t ask for a pre-application charge or application fee. Some other types of loans do, but it’s because they’re really large loans (e.g. home loan). For payday loans, you’re getting somewhere with the lender if there’s no charge being asked for applying. If you’re not asked to pay for it, then that’s one of the checks that your lender is not a scammer.
#3: OWN WEBSITE WITH OWN CONTACT DETAILS
One of the climatic strategies of scammers is that they become unreachable when the time to give the money to the “clients” comes. Avoid reaching that very unfortunate point by knowing that their contact details can be found on the web even before you apply. If the lender just hands you a contact number via personal message, that’s risky. Contact details which include phone number/s and address/es must be present on the website.
#4: DON’T SKIP THE TERMS OF SERVICE PAGE.
People just usually scroll through the contract page for a second or two, then click “I Agree” without even reading and understanding what’s written. This is also another common trap where a scammer can take advantage.
Read the Terms of Service (also called Terms and Agreement or Terms and Conditions) because there might be hidden charges you’ll need to pay, and you’re not even aware. Once you sign, whatever is written on the contract is agreed by you. If the site has a fair and agreeable Terms of Service (with no additional and hidden fees) and if you read them, then you’ll be safe from scammers.
#5: STRANGE VIBE AND UNPROFESSIONALCOMMUNICATION
These are aspects which will give you hints about the kind of person you’re communicating with. If it reaches to the point that you’re inquiring and speaking with the lender or its representatives, be aware of how the communication flows and feels.
First, look at how website content and messages are structured and composed. Grammatical errors, punctuation errors, spelling errors and other mistakes that come in bundles consistently are hints that you’re dealing with cons. Confusing statements and sentence compositions mustn’t be present if it’s a true lender. Second, consider how you feel while you speak with the lender or with its constituents. Watch out for unpleasant behaviors, pressuring accounts and disagreeable responses.
If the payday loan lending company is legit, it highly considers its image, online presence and reputation as a whole. It wants to be known as a high quality money lending company, and bad communication isn’t the way. The company won’t allow negative feedback and bad judgements about their services, so it’ll make sure that professionalism is observed in all aspects. If you encounter professional communicators online and offline with no discomfort, no worries, no loopholes and no strange anything, that’s one of the signs that you’re in good hands.
#6: UNDER LAWS AND LICENSE
Well, definitely the biggest clue for you to be very certain that the lending company you’re eyeing on is not a scammer is a license under the state. It must be licensed for that business and must be ruled by the state’s regulations. A genuine payday lender will not allow you to borrow an amount that is above the state’s conditions and will not allow you to surpass any rules given by the state regarding loans — whether it’s big or small money. If you need reassurance, better go to the state attorney general to check if the lending company really is licensed. If the company is licensed, then you’re safe to apply for a payday loan.
Getting a payday loan is easy because the process of the loan itself is made for people’s convenience and welfare. It is, without a doubt, helpful in times of financial needs. Many advantage takers, however, fool needy people out of it, thus, it’s a must that you make sure first that the payday loan lender you’re considering is legitimate. Scammers are all over businesses, and you must be extra watchful and extra wise not to be victimized. It’s your information, your time, your money and yourself involved here, so your safety is indeed crucial.
Nicole Ann Pore is a daytime writer for Quick Cash, an Australian company that provides cash loans and payday loans lending services. She writes well-researched pieces about loans to help those who need assistance and pieces of advice in times of financial difficulties. | Nicole graduated Cum Laude from De La Salle University Manila, Philippines with a Bachelor’s Degree in Communication Arts.