When challenged with a money crisis, the quickest and most straightforward way to get funds is through loan applications. However, to avoid defaulting on repayments, you must first examine your credit score and collateral type.
Before you can get online installment loans, digital lending platforms will gather information about you and provide you with a loan agreement.
Some lenders offer collateralized loans (secure loans), while others provide non-collateralized loans (unsecured loans) depending on your preference and credit score. With so many online cash scammers on the rise, one can’t help but wonder how you can find safe online lenders like GetCash.com.
6 Steps to Finding Safe Online Lending Platforms
Step 1: Analyze the lender’s website.
Loan borrowers should always have a point of contact or a branch to visit in case of a problem. On the lender’s website, check for the following:
- There are no hidden clauses in the loan.
- The address and contact information for the branch are present.
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- An SSL certificate protects the website domain. Check the URL and ensure that it starts with an https://.
- You can contact customer service or loan management in case of a problem.
- Check whether there are any customer testimonials on the website.
Step 2: Look for digital platform consistency.
If the online lending platform has a website, compare it to the website. Make sure that the information on the app and the website are consistent. Avoiding online lending apps is best if you discover any data mismatches.
Step 3: Check if they consider looking at your credit history.
Cast doubt on a lender if they are unconcerned about checking your credit report before loan approval. To assess your repayment ability, reputable lenders must conduct a thorough credit check. No-credit-check loans do not exist.
Step 4: Scan the website for any unnecessary loan scarcity promotions.
Avoid loan proposals from lenders who state that a personal loan is a limited-time offer that will not be available after a specific date. Do not fall victim to personal loan scams by listening to loan scammers’ urgent pleas.
Step 5: Determine whether the lender guarantees approval.
Fraudulent companies are unconcerned about your creditworthiness. Instead, they look for high-risk borrowers who will likely fall behind on loan payments and incur exorbitant late fees and penalties.
Step 6: Inspect whether the online lender demands payment upfront.
Some con artists have demanded prepaid debit cards, gift cards, or banking information from victims.
Scammers claim they require the information for insurance, collateral, or fees, but this is fraud. Safe financial institutions may charge a fee for your loan application, appraisal, or credit report. However, those fees are deducted from your loan.
Typical Loan Scams Around Today
Most loan scams attempt to either take money upfront or provide harsh loan terms so that borrowers incur late fees and other additional charges. Some well-known examples are:
Debt Consolidation Fraud
If a debt consolidation company is pushy or tells you to stop communicating with your creditors, it’s probably a scam.
Advance-Fee Loans
Scammers may offer you a low-interest loan in exchange for charging upfront fees. However, they will discontinue contact after receiving these fees and will not provide any funds.
Private Student Loan Forgiveness Fraud
If you receive any correspondence regarding student loan debt forgiveness, think twice before sending any personal information. There are legitimate federal loan forgiveness programs available. However, many businesses will try to take advantage of borrowers by promising immediate results or demanding payment in advance for services they cannot provide.
No-Credit-Check
Before approving a loan, legitimate online lenders consider more than just your credit score. Still, some scammers promise funds without a credit check—a red flag because your credit history determines your credit risk as a borrower and should always be looked into.
Things You Can Do in Case of a Loan Scam
Contact your local authorities.
Filling out a police report will provide you with an official record.
Assemble your documentation.
Gather any emails, screenshots, or other documentation to help your case and present it to authorities when contacting them.
Discuss it with your family and friends.
As scammers’ tactics evolve, keeping others informed and raising awareness is critical.
Establish a fraud alert with one of your country’s major credit bureaus.
A fraud alert signals creditors that you may have been the victim of fraud. They should reach out to you to verify your identity before issuing new credit.
Final Thoughts
If you need a personal loan, do your homework to ensure you get agreeable rates only from reputable online lending platforms. Should your credit score be not so perfect, don’t fret.
Online lending platforms like GetCash usually allow individuals with varying credit backgrounds and scores to request a loan.