Living in this high-tech era requires steady flow of cash to sustain a comfortable existence. The increasing prices of commodities, the high cost of education and the tempting display of modern gadgets among other factors gave birth to all types of lenders–from banks to loan sharks. It is not surprising that they keep growing because many Filipinos live beyond their means especially the average earners. At present, cash loan is now the quickest way to finance people’s needs and wants.
And because of this, scammers or fraudulent lending entities sprout everywhere. Their aim is to get your private personal information or your money.
Here are 6 telltale signs that you need to be aware of:
- Scammers offer deals which are too good to be true like depositing the money within minutes its approval or allowing you to pay the interest 3-6 months after. Others offer additional cash, a bonus reward or a brand new IPhone for patronizing their company.
- They ask for advance fee. If the monthly loan money lender requires you to pay money in order to facilitate the processing of your loan, stop dealing with them. They only want to earn from you and be gone for good. The best licensed moneylending companies typically charge application or processing fee but it is deducted from your approved fund.
- Scammers are eager to get hold of your money or information so they will constantly contact you. Their sense of urgency is not because they want to help you, rather the opposite-they want your credit card details, bank information, personal data and the advanced fee that they require.
- They do not require proof of income to verify if you have the capacity to pay the fast cash loan. Unlike legitimate cash loan lenders and banks, scammers do not care about how you pay because they will not be releasing fund. They are only after your money or personal information.
- They ask you to deposit or transfer advance fee to an individual’s account instead of a company. This is the final red flag, so run away. You are dealing with scammers.
- They do not have business website with contact numbers and physical address. They use generic email address. Most of the time they are inaccessible or unreachable when you send private messages.
Save yourself from being scammed during your vulnerable moments of emergency needs. Always check these 6 signs to find out if the personal loan lending company is trustworthy and legitimate to transact business in the country.