There are many payday loan sites today that promise to answer your urgent needs. Payday loans lend you cash during dire circumstances when you have run out of money, but, still have to meet certain obligations. In most cases, all you need to do is fill out a form given by the payday loan website, and, you can get the cash in as quickly as one hour. But, it's not that simple, as lenders will ask for your social security number and access to your checking account. Doesn't this endanger your personal security?
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If you are dealing with a legitimate payday loan provider, then, you should have no problem. However, what are the chances that you will fall into the trap of scammers? If you are not careful enough, you could become a victim. Imagine being in urgent need for money and learning that you have been tricked. You will know if you have been deceived if your checking account has been charged even though you have not received any money from providers in the first place. This is not only disheartening, but also frustrating.
What happens if you have become a victim of a payday loan scam?
This is the sad part because, after you have voluntarily surrendered your personal information and given the scammer access to your checking account, you can do almost nothing to retrieve the money taken from your account. The only thing you can do is to help other people by simply sharing your embarrassing and discouraging experience to them to warn them. The bank cannot help you since you voluntarily gave your account details. You can file for legal complaints, though, but the process may take quite some time.
Identifying Payday Loan Scam
• They will say that your credit rating does not matter. Even though you are only borrowing a small amount, that doesn't mean your credit report is not significant. Payday loan providers should look at your credit rating. They are at risk with borrowers who have a bad credit report, although, a bad credit rating does not necessarily prevent them from providing you with a quick loan. But then again, there are some legit companies that say they don't care about your credit rating.
• Illegal providers make the process confusing. Legitimate lenders guide borrowers throughout the process. The procedure should be the same all the time.
• The terms are not well laid out. If you are submitting banking information to the loan provider, be smart enough to read their terms and conditions. A lot of people don't do that. It is popular nowadays to just click "I Agree" right away without reading what they are agreeing to. It is actually important to read a website's terms and conditions.
• The loan provider has a lot of bad reviews. Unsatisfied customers will express their anger to those who have failed to please them. You should not trust, let alone even contact a loan provider that has received a lot of bad reviews.
• There are hidden fees. A legit lender will tell you if there are charges before you apply for the loan. Scammers will surprise you with sudden fees in the middle of a transaction.
• The loan provider is not registered. Loan providers are business owners and should be officially registered in your country or state. Although, the registration does not necessarily mean that the lender is good, it just means that you are dealing with an entity that legally exists.
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