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June 7, 2018 By editor

5 Signs That Your Money Lender May Be Scamming You

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Whether it is a business or a personal loan, people from around the world are scammed by unlicensed moneylenders every year into quick cash loans and experience severe repercussions. These lenders scam people into contracts that look attractive and are designed for people without much know-how of the process. To help you avoid such scammers, here are five signs that can help you identify if your money lender is scamming you.

History is History
A moneylender who may be potentially scamming you will not emphasize your history. Unless you apply for a very short-term cash loan, such as a payday loan that is payable within a week or so, you lender will always ask for credit history. Some online scammers will usually ask you to fill an online survey in order to “analyze your credit history”, while others will ask you to fix your credit score through their credit repair service. This is most definitely a red flag for a scam.

Unsecured presence
Most moneylenders who are authorized to do business online will have secured domains and websites. If your moneylender does business online and asks for online payments or other details but does not have a secure connection, it is possible that your money lender is scamming you. You can identify this by simply looking at the URL, which, in the case of a legitimate company, will begin with https://.

Excellent terms
A scamming lender will provide you with the most attractive deal possible, which will not only have a lower rate than the market but also offer better loan conditions. The reality may be that this fast loan is actually too good to be true. A good idea is to look around to get an idea of the general terms of such a loan. If your lender exceeds all these other offers, something may be off.

Upfront fees and collateral
This is a huge red flag for most scams. Fake lenders will emphasize on paying a hefty origination fee, or collateral in the form of gold, or other assets. Companies or legal money lenders who are able to get you a loan will not ask for hefty fees for processing, or such collateral that may be untraceable. Make sure that, in any case, this fee does not exceed 5% of the loan.

Tick-Tock
Usually, lenders will give you as much time as you want to make a decision on taking the loan. However, scammers or fake money lenders may offer you a “limited time” discount, and try to rush you into a decision. If your money lender puts you on the clock and forces you to make a decision in a very short time, chances are high that they might not be a legitimate business. Make sure you avoid all such businesses when obtaining a loan, as these moneylender traits are red flags for scammers.

Filed Under: blog

May 31, 2018 By Joanne

How Money Lenders Can Help Overcome Your Financial Crisis

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Have you ever faced a financial crisis in life? If yes, the first thing that comes to your mind is taking a bank loan to resolve the financial crisis.

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May 28, 2018 By editor

Getting Back On Track After Bankruptcy

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What if we told you it is possible to bounce back after bankruptcy? Better still, what if we gave you smart and easy-to-follow tips to get back on track? Take hold of your finances and recover from your bankruptcy, and more importantly, never make the mistakes you made earlier.

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May 24, 2018 By editor

6 Practical Ways to Improve Credit Rating

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A good credit score will result in benefits like lower interest rates and faster approval of loans. If you have a bad credit score, you should make it a priority to improve it. Here are some practical ways to improve your credit score.
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May 23, 2018 By editor

5 Easy Ways to Pay for Your Dream Wedding

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Weddings are infamous for being expensive and regardless of how much cash you have set aside for this special occasion, you always end up running short of money. If you are faced with such a situation and you are in need of some extra cash to turn your wedding day into an occasion that you and the participants will remember for times to come, there are ways you can arrange the much needed quick cash and realise your dreams. Let us explore 5 easy ways to fund your dream wedding:

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