Online Personal Loans surely are the smartest sources for your personal loan fundings. But with the rising of cyber crimes (over the internet), these loans might prove dangerous to hack your financial life as well. Even personal loans available locally around you (the offline one’s), can’t be supposed to be 100% safe. Not to fear your instincts, but an honest truth to be accepted and acted upon as soon as possible i.e Personal Loan Frauds.
Personal Loan Scams: Have a look over a reality-based incident
“Recently one of my friend’s mother was victimised by a personal loan scam. The personal loan she requested for was a lump sum amount. After getting comfortable with the lender(who came out to be a fraud instead!!), she was taken aback for her loss of around $25,000 as stable finances.
Savings timed out too quick!!
Not only her regular finances, her retirement savings were gone too including her mortgage. One of her credit cards was opened and her old car was sold too. All of her hardship money was snatched so willingly from her. In the name of application charges, and some minor formal investments.”
The above incident sounded very ruthless and disgusting, right? Not only personal loans scams might snatch away all your finances but your emotional peace as well. You could not trust loan processes ever again if personal loan frauds like this happens even once. But, the good news is that you have an effective solution to deal with personal loan scams.
What symptoms could drag you into personal loan scams?
Starting with what symptoms you could experience before being trapped into personal loan frauds.
Check for the lender’s habits while you apply for personal loans void of scams. Lenders can give you an idea whether to trust their personal loan offers or not. Lenders usually follow a set of actions which are more than enough to identify if he/she is a genuine lender. Have a look over what habits distinguish between a genuine and fraud lender.
- Strict review of your credit reports: Your lender must ask for your credit reports either of the ways. Genuine lenders usually need a credit report to analyze your past and present relations with your credits This gives them an idea of your capability to handle a loan in future. Not so the case for a fraud lender, who will never bother to know what your credit history is.
- Documentation matters: Even if your credit reports and personal documents aren’t very impressive. A genuine lender will be interested in knowing what your documents have to tell about you. A personal loan fraud lender shall not be into knowing your personal details. They must have collected enough of your financial backgrounds before targeting you.
- Valid Locations to work: A genuine lender shall have some valid locations to work at. No matter even if it’s a work from home or an online service, you can check for their locations over their websites and social links as well. A fraud lender shall attempt to hide the real locations of their work within your country. You can reverify for their locations
- Confidential details: Your confidential details such as credit card details, account number, passport details etc might not be a requirement for a genuine lender. They ought to be focussed upon lending you finances and making the best of their efforts. But, if its a personal loan scam lender, then there’s a chance to prompt you for credit card, bank account details.
- Unusual emotional connections:
- A genuine lender shall always be in state of genuinely connecting to your personal loan requirements. Understanding what could be the best solutions for personal loans with bad credits, or queries regarding repayment, interest rates.
- On the contrary, a scam personal loan lender, shall establish unusual connections. One such as being your friend’s friend or knowing your relatives. Don’t just believe words without verifying from your side, is all that could be advised at the moment!!
- Avoid Personal Loan Scams: What could be done at your end?
Now, what could you do after knowing threats of personal loan scams? So, here’s some list of measures you can work upon. Induce these practices as a habit to stay out of any personal loan scams online or offline.
- Unreviewed Personal Loans Online:
Check for the lender’s reviews and their companies too before investing into their personal loan offers. You can check their genuine loan services through their social links, websites, physical addresses and so on.
- Origin of personal loans and information:
Check for the origin of the loan and services offered by the lender you’ve contacted. What methods do they follow for loan procedures? What are their reliable policies for loans and fundings. Also, if you can check for their certifications over their websites or personally. All these shall build up your trust over finding a genuine personal loan lender.
- Customer reviews and red flags:
Usually, some genuine websites dealing against cyber crimes collect the most red flagged websites. The most negative customer reviews, red flags and feedback are analyzed and identify the genuine and personal loans frauds online. Be it for personal loan scams too, you can check for the lenders’ history over such websites such as Better Business Bureau.
- Self- Awareness is important to conclude!!
So, to conclude, increasing personal loan scams online as well as offline are a major financial threat. So, what you can do at your end is being aware of genuine and frauds around you. Also, look through the various sources for your personal needs.
Just as the times are changing, Your own Funding, is working hard to ensure your financial safety. Getting for you genuine personal loans guidance. Also, switching you to avoid any personal loan frauds and scams. All you need to do is get in touch through 24*7 Customer Service for any loan related queries.