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How You Can Avoid Loan Scams - Business - Nairaland

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How You Can Avoid Loan Scams by Muritala2015(m): 10:13pm On May 26
When you are in need of funds and don't have the luxury of going to a bank, you can find alternative lending companies.

While lending companies can be helpful in a pinch, there are also many fraudulent companies on the market.

These are tips that will save you from scammers.

Research any lender you are considering. There are a lot of fraudulent lenders on the market, so go into your search with extreme skepticism.

You need a lot of hard evidence of a company's legitimacy before agreeing to do business with that company.

Get the lender's phone number from an online source or the phone book and call to make sure they really are who they claim to be.

Ask for the lender's physical address and use that to search for reviews online. Don't do business with them if they refuse to give you an address.

Search for the lender online. If others have fallen prey to a scam, odds are they have posted about it online.

Always assume there's a possibility a company could be fraudulent before engaging in business with that company. Never assume a company is legitimate just because it claims affiliation with a particular agency.

Do not release personal information over the phone. A company that asks for personal information up front is suspicious.

A legitimate lender will understand most people are uncomfortable offering.

The same holds true on the internet. Never give personal information over the internet unless you are sure the lender is legitimate and your connection is secure.

Ask about the company's physical location. Any legitimate company should have a physical office.

Be wary of a lender that does not ask about your credit history. A legitimate company will need to see a credit report prior to making a deal with a client.

Avoid working with high pressure salespeople. You can get a sense of a company's legitimacy based on the salesperson's tactics.

A suspicious lender is likely to present you with application papers on the first meeting. They may pressure you to fill them out if you express hesitance, or ask for time to think it over.

Make sure that the loan agreement is complete. There are several items that a loan document should always include.
Read all documents carefully before signing.

You do not want to end up getting roped into a high interest loan, or a loan with hidden costs. Scammers may also stealthily put in a clause that transfers ownership.

Never sign anything you don't understand or that is conflict with the terms previously agreed upon.

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