Payday Loan Fraud - Don't Fall For The Cheese!
When sharks sense an easy kill, they flock to it. The scenario is similar in the online cash advance industry, where ill-informed, credit hungry customers are often caught off guard. Consequently, the genuine lenders are also finding the going tough. The loan sharks take a major share of the 'credit' for giving the industry and a simple loan product a bad reputation. And, you can't really blame a prospective borrower if he/she chooses convention over convenience. Despite all the obvious advantages, payday loans are still a no-no for a lot of people. Add yourself to the payday loan bashing list if you consider the concept a 'credit trap' that is risky, illogically over-priced, and opaque to the layman. It is hard to disprove this notion since fraud is rampant in this industry. However, if you're willing to take the risk and sift through the rubble to reach the treasure, here are a few ways to tell the 'real' from the 'fake' and also how to stay away from the sharks.
The Fee
The easiest way to identify scam sites is through their fees and charges. A genuine site has a fixed interest charge and there are no additional fees. Certain lenders may charge a nominal amount for same day cash transfers. The fake ones, on the other hand, have a variety of charges ranging from application fees to processing charges. Stay away from those.
Tall Claims
A genuine lender is committed to responsible lending. There are no loan guarantees given at the time of application. Every lender performs a basic check of credit worthiness or a customer's ability to repay. The fake ones, on the other hand, put up a size 16 banner that screams "assured payday loans for everybody." Don't fall for these claims.
Shady Contact Details
Although it is hard to detect a fake site the first time you visit it, the contact details page often gives you enough clues to suggest a lack of credibility. There are tolled numbers, untraceable emails, and inaccurate telephone numbers employed to evade detection. Perform a background check on the lender before you trust them with your personal information.
The only way to make complete use of the payday loan concept to address a cash requirement without giving in to predatory lending is by staying alert. Find out if the lender is credible and apply only if you're convinced of their genuineness.
Questions and Answers
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Online payday loan lenders might require the same type of information as store based lenders, however you might find online payday loan companies that require no faxing but might need more of your personal information. Faxless payday loan lenders might charge higher fees due to higher risks involved. Before applying for an online payday loan I recommend to make sure that the website you want to apply on is a legitimate company.
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