6 Ways To Tell A Genuine Cash Advance Lender From A Fraud


Real cash advance companies are simply small lenders that help employed people cover unexpected dental visits or car repair bills. Unfortunately, plenty of Internet scams pretend to offer these kinds of loans while stealing money and personal information at the same time. Double-check that your lender is a genuine service provider with these six tips for avoiding schemes and scams.

Look for Local Branches

If the cash advance company has a physical location somewhere in your state, you know it is complying with state laws regarding fair lending and privacy. The branch doesn't have to reside in your hometown, especially when you plan to handle the details of the advance over the Internet. Just check that a real brick and mortar office exists, open to the public, to verify the legitimacy of the lender.

Avoid Upfront Fees

People don't take out loans unless they're short on funds, so why should you shell out a few hundred dollars in fees just to apply for a cash advance? Almost all the trustworthy lenders roll the administrative fees and interest into the loan payment plan instead of asking for the money upfront. Most of the loan offers requiring a hefty upfront fee are complete scams, especially when they want access to your bank account or an untraceable wire payment. Your fee will disappear and you'll never hear from the fake lender again.

Keep in mind that loan opening fees alone are not uncommon or a sign of a scam. Small application fees are acceptable, as are fees of almost amount tacked on to the loan itself.

Call the Main Company

Are you unsure if the agent you're dealing with actually works for the company on their letterhead? Find the phone number for the parent company on your own, then give them a call to verify the details. Many major cash advance brands have had their good name used to defraud people of thousands of dollars.

Skip Unsolicited Offers

Did a very attractive pre-approved loan check land in your mail box today? Be wary of offers that come to without solicitation or requests for more information. You have the right to seek out these types of short term loans on your own, so disregard those offers based on your public information and get a real quote from a well-known cash advance company instead. You may find out you qualify for a much larger loan or a far lower interest rate than what the unsolicited letters offered.

Discover Lookalike Websites

You do a web search for a cash advance loan company you trust, but still end up on a weird website claiming to represent the company. Signs that a website is not what it claims to be include

  • A lack of a security certificate, especially when you're supposed to input sensitive information on a form
  • Typos of the company name, extra letters and numbers, and extra words in the URL
  • Email contact addresses with free services in the domain name slot instead of the website itself.

Trustworthy lenders will keep their licensing numbers on the pages for the various states they serve. If you can't find a licensing number on a lender's website, you're likely on the wrong site.

Watch Out for Immediate Turnaround

Don't fall for the demands for immediate action you find in scam emails or choose a lender because they promise immediate turnaround after everyone loan application. Good lenders take their time to check your identity and set up a custom arrangement based on your needs, so scams try to get more attention by claiming to process applications and make deposits with no delay. However, you'll likely end up with a stolen identity instead of the money you need. Many reliable lenders offer rush services, so you can get the cash within a few hours without risking identity theft.


24 August 2015

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