Internet has made our lives easier and have made things accessible and possible by just clicking. Similarly, the internet has made banking and money transactions much quicker and convenient. Advancements in internet security has resulted in secured e-commerce and e-banking. Although online loans is relatively less popular but their demand is on the rise. With online lenders entering the online loan market, hectic process of taking a loan has been simplified. These loans are not only available quickly but also offer higher interest rates. But a lot of care is required while getting into one of these contracts, legal personal loan from Singapore offers these online loans with 100 percent customer satisfaction. Following are something to look out for:
- Identity theft
Always give out your information to lender that have good reputation otherwise you’ll be handing over your personal information to identity thieves. Personal information like Social Securitynumber, date of birth, Current address or even bank records are vulnerable if these loan applications are used for malicious activities. Not to forget that such bogus lender wastes your time by filling out unnecessary documents and follow-ups.
- Unreliable contact
Be vigilant of spammers who intend to reach out just to get your attention. Everything on the internet is not true, in fact most of the things are not true, especially emails or calls that come out of the blue. Emails are the most common method used by spammers and is potentially dangerous since you aren’t aware with whom you are dealing with. The same applies for junk mail that finds our mailboxes. Another mode utilized are unsolicited phone calls, notoriously used for scams. These are far more dangerous, since this is a more direct approach and mislead someone in need for desperate bail out. Although these calls seem to be coming from a local number but in reality, they are being initiated from some place remote.
- Notice Red flags
At times there are some distinct attributes that can help in recognizing misleader. Following are some noticeable red flags
- Up-front payment: Legitimate and genuine lender do not demand money upfront. ‘Advance payment’ scam is something commonly carried out by thieves. Usually they say that the money is for application fee, for large loan such as house loan this sort of payment exists but loans like personal loans do not need such payments.
- Guaranteed approval: Lending firms are in this business to make money but if some deal sounds too goodto be true then take this as a misleading lender.
- Dangerous loans
Some loans are dangerous no matter who you borrow from and it’s easy to find those loans online.
- Expensive loans: loans that can lead to a further addition of debt, worsening your finances. Payday loans and auto title loans are notorious for high fees that get charged over and over again whichendsup being the equivalent of triple-digit interest rates.
- Unlicensed lenders: State or regulator publish authorized lenders list, be sure to check the name of the lender in that list.