Enhancing Your Protection Against Moneylending Scammers

Written By Admin on Sabtu, 24 November 2012 | 01.28

By Gary Ruiz


The moneylending industry is being attacked by scammers. Yes, everywhere you look, there are scammers who are posing as legitimate moneylenders. What do these scammers want? They want easy money! These unprincipled entities utilise email marketing and other forms of promotion to lure the attention of potential preys. By dangling irresistible loan offers to these victims, these scammers can deceive and persuade innocent victims to shell out money!

To stay guarded from this scenario, you need to be on guard at all times. When applying for a loan, there are two factors you need to review: first, the loan contract and second, the loan provider's reputation. Read on some pointers that keep you guarded from scam artists:

Do not divulge your personal information if you are not sure of the moneylender. Smelling moneylending scammers from afar is easy. They always wish to know something about you. They yearn to know your social security number, your banking details so that they can create fake checks and commit identity theft. When your moneylender is like this, it's time to raise the red flag.

Do not provide down payments or application fees. Although some legitimate moneylenders necessitate application fees, majority of moneylending companies gain profit from the interest of the amount borrowed. What most scammers do is that they ask money from potential loan applicants as a form of down payment. Once they receive the money, they leave the victim and never offer the promised low interest personal loan.

The lesson here is simple: never work with someone you know you cannot trust. Rely only on legitimate money lending companies that assess your worthiness as a borrower. Most unscrupulous money lending companies and entities jump on customers and guarantee an approved low interest personal loan immediately. This isn't what legitimate companies do. Good moneylenders assess your loan paying abilities first before they approve your Payday Loan application.




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