Fighting Payday Loan Fraud
As you know, financial decisions often have the thought of fraud looming large. Fraud is something you want to avoid at all cost. When dealing with payday lenders, should you be afraid of getting scammed? I’ve listed a few ways that someone may try to fraud you out of money when you go for a payday loan below.
Dealing With Fraud
Like any other industry, there are some less then reputable companies out there. They just want your money and they do not care how shady they are when doing it. These are some of the ways you may be able to figure out if you are dealing with shady payday loan companies:
- Some companies may ask you to pay a lot of fees when getting a payday loan. These fees could include an application fee, insurance fee, and possibly a processing fee. If a company asks you to pay a fee when applying for a payday loan, do not use them — they’re trying to scam you out of cash.
- If they prefer for all the funds to be untraceable, take note. There is probably a reason they do not want to go through the proper channels.
- If you have to call a 1-900 number in order to get a hold of them then you may want to back off. Why would they require you to call a toll number? Because they want to get as much cash as possible from you. Stay away from these types of companies.
Make Sure You are Protected
It is so important to make sure they everything goes properly when dealing with a payday loan. After all, you need the cash for a short-term fix, and if you get scammed by a shady lender it’s going to make things a lot more difficult, when all you need is a little help.
Below I’ve listed two payday loan lenders with no credit check and online applications. All of these companies are trustworthy and I highly recommend them.
- MyFamily: Get up to $1500. This company specializes in payday loans for families.
- Thatcher-Prescott: A very reputable lending company. You can also get up to $1500 with them, and they have excellent customer service.
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