The whole world is actively making purchases on the Internet. If you suddenly do not have enough money for the cherished thing, you can quickly borrow the missing amount by applying for a loan online. It would seem that everything is simple and convenient: you do not need to go anywhere, wait in queues, collect a lot of certificates and documents, blush before the manager at the bank from the inconvenience of issuing a loan. But even the perfect payday loans have certain disadvantages because you voluntarily share with them the most personal – employment details, financial data, contacts, etc. How to correctly use the convenient online loan service and not become a victim of scammers?
Payday loan can become a great helper in solving unexpected problems until you get your monthly salary. But in some cases when a borrower applies for a loan not having the basic knowledge on how to do this, he or she may be trapped by fraudsters. There are a lot of companies offering instant loans online, however, among such offers there are many offers provided by the sites, which don’t have a good reputation. They may be not listed in the blacklist yet, that’s why you should be extremely careful every time you are going to apply for a payday loan online. Find out more about the inentions of fraudsters not to be trapped. Remember that reputable lenders will you ask to provide nothing only the basic personal information, which is required for the successful payday loan approval. Before applying for online financial help, make sure a payday loan is secure.
Which Traps of Fraudsters Should You Be Aware Of?
As a rule, scammers impersonate financial companies for the following reasons:
- In order to find out your passports and code: This is done to use documents in their fraud afterwards. For example, apply for loan using your name. In order not to get caught up in such tricks, never send data from your documents to those websites, which dependability is under the big question. If you have lost your passport, immediately contact the police with a statement of loss or theft (depending on the situation). Even with a photocopy of documents, you can take out a loan in cash. So, always write on your copy with your hand, for whom it was issued and for what purposes.
- To find out the details of your bank card: In order to transfer money to your card it is enough to know its number and the full name of the owner. You should be alerted if any other data is required (especially the PIN code, CVV2, the password or login name). Knowing the extra information, criminals will wait, when you have money on the card and will withdraw the entire amount. Guessing the date of salary is also easy: usually the victim reports this information herself or himself, indicating the terms of the loan.
- To achieve their goal by pretending that they want to provide you with the consultation: The trick is that you are required to pay a certain amount for describing the conditions for obtaining a loan, although such advice should be given free of charge. Moreover, the respected companies provide a completely free service “call-back” or consultation in the chat. Applications are also issued free of charge. When you receive a loan, you do not have to pay any funds until maturity.
Fake helpers or scammers can assure you that they have connections with a financial institution employee and they will agree for a fee to approve a loan application. Most often these people have nothing to do with the issuance of a loan. A similar situation can arise when you are offered to become your guarantor for a certain fee. First, such people are often listed in black lists of banking institutions, so with such assistants you will quickly be denied. And secondly, most companies that provide online loans do not require the bail.
Is There Any 100% Depedable Way to Distinguish a Site of a Serious Lender
Fast online loans is a new type of lending, which is constantly winning more and more people who want to take out a loan, because this type of loan is modern, comfortable and safe. In order to borrow money, you do not need to go anywhere, and also collect a lot of documents, as required by banks. Payday lenders will provide you with the necessary amount of money in just a few minutes, as the reputable lender understands that instant money is in most cases urgently needed for unplanned expenses in the family budget, such as medical expenses, car repair bills, school fees, the payment for the flat rent, etc.
Thanks to online lending service, you have a chance to get money on a bank card in minutes, without collateral and guarantors, as well as 100% online from your computer or mobile phone. Here, you decide how much money you want to receive, when and for how long. You can also find an option for the early repayment of a loan.
There are still many honest lenders on the Internet but not every borrower has an idea on how to understand whether the lender is trustworthy or not. Most importantly, you should choose the lender carefully. It’s best to contact trusted organizations that your relatives or friends have already worked with. It is desirable that the name of the company be more or less famous. An online loan transfer should be provided only from the original sites of financial companies. When you find the right site, be sure to pay attention to the following things:
- Check whether the city code and is provided. Mobile numbers are difficult to track. If there is no a telephone number at all, this is a clear sign of fraud.
- Rules of registration of the loan and the contract. Avoid the incomprehensible conditions as scammers can change them anytime. The contract should always be read carefully because advertising information can vary greatly from it and subsequently deception will be justified legally.
- The site must work on a secure https protocol to ensure the protection of transmitted data and have a domain, which confirms the presence of the trademark.
- All data must be entered directly on the site. Serious companies never ask to send data via mail or telephone messages.
- If the company works honestly, it will not hide its registration documents and the full names of the founders.
Check out the warning signs of scams before you sign the loan agreement!
How to Avoid Sending Copies of Your Documents to Scammers?
When you receive an online loan, you had to upload copies of your documents to verify your identity. Each of us was tormented by doubts: is it worth it? In addition, any professional lawyer will say that personal information is better not to provide if there is such a possibility. Today we will talk about what a scammer can do with copies of documents and how to avoid them falling into the hands of scammers. Have you ever thought how third parties can use your passport information?
Regardless of how a fraudster can use your passport data, you need to take a more careful look at your passport and its copies. Otherwise, the consequences can be very serious. What can a fraudster who captures another’s passport information do?
- take a loan from the bank;
- make some scamming schemes with your apartment;
- carry out various frauds on the Web;
- open a new legal entity in your name;
- create counterfeit documents and perform various transactions.
The list of illegal actions can be continued indefinitely. But in most cases, fraudulent activities are aimed at obtaining a loan. True, there is one “but”: for this, in cooperation with the fraudster there must be a bank employee. There are many examples where a person has to pay a loan, which he did not make out. It does not matter what illegal action was done with the help of your documents – you have the right to sue the swindler and send him or her to jail. The process of your rights protection will take a long time, but if you want to prove your innocence and not pay back the loan you haven’t got, then you should have a responsible and serious attitude towards such an unpleasant possibility.
Today, when everyone is actively using Internet services, most of the scammers migrated to the online world. Passport scans may be required for online casino, electronic payment systems, microfinance organizations. To obtain information, a fake website is created, which looks like a popular service. When accessing such a site, a person without suspecting anything passes the registration procedure and voluntarily merges all copies, without any backward thought, and even completely overwrites all data on his or her bank card (number, CVV, validity).
What Can You Do Not to Lose Money and Not Spoil Your Credit Score?
Carefully study the resource to which you are going to provide your information. Re-verify the domain address several times. If we are talking about a microfinance organization, look for it in the ratings, read what people write about it. When, after searching the Internet for at least some information about the organization, you understand that there is nothing – this is a serious reason to think about.
The thing is this: serious and reputable companies monitor the privacy of user data and do not allow leaks. Therefore, if necessary, confirm your identity or go through the verification procedure, you can safely download scans or photos of documents. But on one condition: you are sure that this is the official website of the payday lender and not just the fake site of the fraudster who wants to use the dependable and well-known name of the reputable instant loan lender online.
As for the verification procedure for a bank card, no third-party lenders do not have access to these data. Serious offices use plugins, which are directly connected to the server of the lending organization. It is important to understand that any lender tries to protect a client and takes care of his or her security. All you need to avoid trouble is to be attentive. Microfinance organizations use advanced security systems to protect their clients.
What to Do If the Lender Hasn’t Sent You Money?
The lender approved the application, which he or she informed you about in a message or by mail, but you haven’t got the approved money after checking the card? Let’s have a look at the most common reasons for this situation and tell you what you as a borrower should do. When loan money doesn’t appear in your banking account – this is a serious cause for concern. Immediately, there are thoughts of fraud. Others are confused by the fact that interest is accrued as soon as the loan agreement comes into effect. But you should know that in the case of online lending, the agreement comes into effect only after the borrower receives the approved amount of money.
Wonder why there is a delay in providing money? Untimely translation can be associated with many reasons that can equally depend on both the borrower and the specific microfinance organization. Consider the most common options:
- Incorrectly specified requisites. It can be admitted that both a client and a representative of the lending company may make a mistake by filling out a questionnaire, as well as a representative of an organization that prepares documents for the issuance of a loan.
- Delays related to banking regulations. All banks have their own rules for processing applications. It depends on the days off, holidays and the amount of data processed. Therefore, in some cases, money is credited to the account later than you expect to get it. Payday lender promise that the loan is instant, which means that you are going to receove money within one business day. In most cases, this is true. However, exceptions may happen and not your lender is going to be guilty as the bank also takes part in the loan transaction.
- Problems with notifications. Sometimes the problem is not in the transaction, but in the notification system. That’s why you shouldn’t start panicking beforehand. Check the account manually. If more than two hours have passed since the confirmation, and there is still no money, contact the representative of the payday loan services and find out the reasons for the problem.
Responsible small-dollar loan lenders do everything possible to ensure that money is transferred to the borrowers’ account upon the transfer. Use cards of top banks with developed systems of Internet banking and everything will be fine. Keep in mind that you should be careful when getting acquainted with the terms and conditions provided at the lender’s site.