Beware Payday Loan Scams

Payday Loan

Unfortunately, where there is the chance for money, there are crooks and payday loan scams are one of the top frauds in the cyberworld. The reason why its so easy to defraud people in payday loan scams is that people are too free with their information; they sign contracts without reading them and these scammers are very good at packaging a bad deal. There are plenty of good payday loan companies as well, including 1 hour payday advance cash. How do you sift the bad from the good?

A Good Payday Loan Will Not Charge You Upfront

You should not have to pay anything to get your loan; thats what the interest rates are for. If you have to pay upfront, then it is not a loan at all, but a way to make even more money off your desperation. A bank wont charge you upfront and neither will a reputable payday advance loan company.

You Learned About it From Your Email Inbox

Reputable payday loan companies dont spam e-mail; they dont have to. Instead, they build a solid reputation, advertise in other sites, and let you come to them through your own researches. Any offer you get through your email is almost always a scam in disguise hoping to get desperate people who cant be bothered to do any research.

You Cant Find Any Independent Reviews

Certainly any business will put out positive reviews about itself or hire others to do it, but that doesnt stop independent researchers from conducting their own reviews. Look for independent reviews of the payday loan company youre interested in and read them. Check out forums, financial review sites and talk to friends and family. If you cant find anything nice about them that didnt come from their own mouth, they are probably not worth the risk.

Get Paypal/Western Union

Even with reputable cash advance loan stores you may still feel leery about your financial information and you should be. You never know if a hacker will manage to get in even the toughest security and since you arent dealing face to face with someone, it can be harder to feel comfortable. Instead of using your bank, use PayPal or Western Union as a third party and that way your bank information never reaches the hands of possible scammers.

Report Anything Suspicious

If you do find a suspicious looking lender, report it to the police or to sites like Better Business Bureau. There are plenty of legitimate payday loan lenders out there, but they are being tarnished by scammers. Do your part to get them taken down before they can do any more damage.

Scams are an awful thing to endure, but with some common sense and care, you can have your payday loan without all of the worry of being taken for a fool. Be smart, be safe and beware of any suspicious looking lenders.