Admittedly, the fast service and easy approval related to a
payday loan are the main reasons cash-strapped individuals opt to avail of said
credit, both online and offline. Although not all cash advance companies are
scams, you must still beware of the bad apples in the basket. Otherwise, you
will be exposing yourself to fraud and identity theft, among other troubling
things.
Unsolicited E-Mails
Usually, spam e-mails are not the preferred marketing method
employed by legitimate online companies offering cash advances. Thus, if you
receive unsolicited e-mails from lending companies, or any online company whose
website you have yet to visit for that matter, beware!
Advance Fees
In some states, advance fees are strictly prohibited by law.
If a lending company asks for advance payments in exchange for loan approval,
under no circumstances should you pay said fees. Keep in mind that fees related
to application, credit checks and other related expenses are to be deducted
from the online payday loans
proceeds and only when said funds are in the process of being disbursed to the
borrower.
No Privacy Policy and Secure Server
This is the one of the first, if not the first, sign you
ought to look for in a company website. Without a privacy policy and a secure
server, your personal details especially your credit card details will be at
the mercy of online scam artists!
And even when the website appears to be legitimate, it pays
to ask local authorities and browse consumer awareness sites for objective
opinions. After all, you can't be too careful when your security and privacy
are at stake.
