How To Choose Lenders That Are Legit, Safe, And Secure
There are many incidents in the life when people need some extra cash. You need money but are not sure what lenders are legit and safe and which ones are just out to scam you. For example, if you are dealing with a medical situation and medical bills are not covered in your insurance. In this situation, a personal loan can come in handy. Not just for an emergency, you can also get a personal loan if you want to make home improvement or go on vacation.
There are many ways to get legit personal loans like banks and individual lenders
But the internet has changed everything regarding short term loans. There are many legit and trusted lenders available. With social media dn reviews, you can make very educated decisions regarding online lenders.
There are many online lenders on the internet where you can apply for loans. One problem is that not every online lender's website is considered safe or secure. There are many online lenders who take advantage of situation when people are in the need of money.
There are few things which separate a legit online lender from a scam and you will keep every step in mind.
These are few signs which can separate a scammer from a legit online lender
- Website is Not Secured With an SSL
- Lender is not Licensed
- Poor Reviews or No Reviews
- Lender Does Not Analyze you As a Borrower
Lender does not analyze you as a borrower
All lenders have their concerns about the person whom they are lending their money. Every legit lender will first check your payment history before they will lend you money. A reputable online lending site will require some amount of information from you. They take a close look at your payment history and your monthly income, this will give them assurance that you will be able to payback your loan on time.
Scammers don’t need your payment history and they are not interested in the timely repayment of yours. They may even ask you to make a small payment to them prior to receive your loan. This is a huge red flag and you should avoid this website and lender at all costs.
They are not registered
A good online lending company always has a certificate from state to be a legitimate loan broker. They have to get registered by the state to conduct their business. If you come across any lender who is not listed in your state, then there are is a chance that you are dealing with a scam.
Always check their website first to verify that they are registered or not. If you are unable to find their registration than contact your state attorney general office for the verification of that lending site. Many online lending companies work under a bank charter so you have to look for that information too in their website.
The website requests a prepaid debit card of yours
A few con artists will expect you to give a prepaid charge card, guaranteeing they need it for protection, insurance or expenses. Genuine monetary organizations may charge an expense for your application, evaluation or credit report, however those charges are deducted from your advance. You should never come out of pocket with cash during the lending process.
A prepaid debit card can be a valuable device for individual credit tricks. It's practically as untraceable as cash, and good karma detailing it as stolen on the off chance that you've deliberately offered it to a trickster.
The loan company calls you and is pushy
Genuine online loan specialists regularly promote in manners you would anticipate, for example, on the web or through different broad communications. In the event that you get a credit offer by telephone, through the mail or even a way to-entryway sales, be alert right away.
Their website is not secure
When visiting an online lender's site, what you don't see can be similarly as critical as what you do see. Continuously search for: The latch image and the safe location mean the site is shielded from character hoodlums who take individual data and pitch it to different crooks. Best case scenario, the absence of these security estimates implies the loan specialist isn't worried about the respectability of the site. Best case scenario, it could mean the bank is leaving your data uncovered deliberately as a feature of an advance trick. If the website does not have an SSL certificate, avoid it.