Finance

Beware About Personal Loan Frauds

Personal loan can be a very useful financial support to any person and one can apply for the same at the time of their need. If you need money for higher education of your child, want to buy car, renovate your home or any urgent medical expenditure then personal loan can be very good financial product.

However, there are many people, who often become victim of frauds. Quite often the personal information of yours can be misused and people may be duped for the reason of identity theft. Numbers of other phishing frauds have been reported during online transactions and therefore you need to take certain precaution while you apply for personal loans

However, personal loans by Pret911 are regarded to be safe and secure. It is an established online loan provider helping people in need for short term loans.

Following are few tips to keep yourself safe from any kind of frauds while applying for personal loans.

  • Check the credentials of the lending company

Loan scammers usually try to target those people who are in immediate need for finance. Therefore, while applying for any kinds of loans, you need to find much details about the lender company and also get recommendation from any of your trustworthy friends who have already dealt with the lender before.

You can also call the toll-free numbers provided for helpline and check how authentic are they? You can also visit their website and learn more. You can read the online review about the lender and also take advice from financial expert. Before you submit your loan application, you need to be fully satisfied with the details about lender.

  • Avoid providing any personal details unless specifically asked for

Avoid giving your personal details to every lender that you may come across. You must narrow down to, few of them first after verifying their credentials and satisfying yourself. Thereafter, you may supply your information while filling up the application form. You need to safeguard your identity and other financial details as people are likely to misuse them.

  • Avoid signing any blank documents

Though lending manager may appear very cooperative and ask you to only sign on dotted line, so as to save your time. However, you must fill the details yourself as signing blank documents can lead to many problems in future.

  • Never pay any upfront money to get personal loans

In case a lender asks you to pay upfront money then refuse it. No lending institution ever ask for it and deduct the same from your loan amount.

There are plenty of new fraud ways getting used to dupe people and hence you need to be careful at every step.

May 2018
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