How To Borrow Money Online Safely

October 29, 2020

Even the top-tier wealthy people in society continuously need more money and find ways to make more.

It comes as no surprise when one takes a loan to fund something in life. Maybe, you had an emergency, and you need instant cash. Then you remember the ad on the moneylender facility online you saw on the billboard as you drove to work. An idea comes to mind, and you opt to try it out to sort your financial mess.

Quickly, you fill in your details and hope the money transfer comes soon. But wait- how safe are you from the multitude of money lending facilities online? Here is how you will ensure you remain safe, even when in dire need of money.

Check for Online Reviews

Thanks to technology, you can find any information you seek online. Should one customer feel a service is wrong and leave a review online, it spreads quickly and fiercely. That is none of the best ways to know how reliable the online money lender is. You can easily find comments if the company charges excessive interest in the loan. Shady companies also tend to have hidden costs, and clients only realize that after taking up the loans. The interest rates should fall within a regulated threshold.

No Upfront Payment

A classic online scam involving a fake website and asking for the upfront costs is another way to distinguish the real from the fake online lenders. A legitimate online lender never asks for upfront payment in the name of deposit or account opening fees. You will likely pay some small fee, but only after your application was granted.

Find the Government License  

If you can’t verify the lender’s license or see it online, that is a cause for alarm. A reliable money lender will have a valid, practicing license, say the experts from iCash, which is also available on the company website. Furthermore, they also lack transparency in how operations take place. The repayment terms are not definite, and you will mostly find too high fees. An excellent company will go ahead to remind you that your information is safe with them – while the fake ones will skip that option.

Look for a Contact Option

As a legislative measure across the financial institutions, lenders have physical addresses. If you find one that operates purely online without their contacts, it can be a cause of alarm. A reliable firm even has different licenses for different states as state laws and regulations may differ. The company should have contact details that you can always use to reach out to them should need to arise.

No 100% Guarantee on Approval for Everyone

Even when lending money, online lenders hope to make a kill out of it. To them, it is a business like any other. Therefore, it is not practical to have one taking of 100% guarantee, even with known loan defaults. If you are a big fan of loan payment defaulting, you may continue with the trend, and lenders tend to shy away from you.

Having one that promises money to all and sundry often covers up a scan in the name of deposit fees. However, once you pay the money, that will be the last of it. However, a reliable and dependable company will offer a guarantee if you qualify, and you get your cash instantly without making payments.

No Unsolicited Phishing Emails

You will mostly find spam emails with fake promotional material with a cheap lender that is a scam. They tend to offer fake incentives with high rates, giving you bait to give out your information. Additionally, their website address lacks the typical security symbol. A suspicious website is a big red flag, be on the lookout. 

The network should always be secure too. Mostly, the spam emails tend to have unscrupulous links for redirection to other requests, like entering unnecessary personal information. Such information can include uploading personal documents or even giving out your social security number – be wary of such.

Be Watchful With Applications

Some online lenders choose to have an app to download from the Apple store if on iPhone and Google Play Store for Android users. After installing it on your device, read carefully what permission access you grant to the app. Not to forget, have strong software protection in your device. Also, don’t forget to install the latest updates on your mobile phone for the best security. With the application, use a strong password that is not easy to guess to a third party.

Even when in dire need of money, always ensure you are safe. Theft identity is rampant across online platforms. Remember, when borrowing money online, you register using your official name. The drawback to it is that a shady company can use the information in harm. In the end, you suffer consequences which you had no idea about initially. A legitimate company will make you feel safe even when you give out your information; always be on the lookout.

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