The internet has transformed the lives of people radically and has been instrumental in promoting e-commerce platform of the contemporary global business arena. One of the areas that the internet has had a major impact is in the lending sector. Below are seven ways to stay secured when using online lending service.
1. Conduct Research to Ensure the Lender is Legitimate
The internet is laden with scams that can expose one to fraud and loss of money. As such, before attempting online lending service, one must ensure that the lender is legitimate and does not have a history of fraud or criminal activities.
One should understand the location of the lender by using tracking websites, such as Better Business Bureau (www.bbb.org) to ensure that the lender exists and to verify the location and postal address of the lender. You can be sure that our company PersonalMoneyService cooperates only with members of Better Business Bureau and all our lenders are trustworthy and reputable. Additional to that, one must ensure that the lender is licensed to be able to initiate legal proceedings in case of misunderstanding or fraud.
2. Avoid Giving Sensitive Personal Information to the Lender
When using online lending services, one should not give the potential lender sensitive information, such as credit card pin. PersonalMoneyService do its best to make consumers feel safe and requires only the necessary financial data. We use HTTPS protocol to protect data provided by our clients to make them feel totally secured.
3. One Should Avoid Borrowing More than He or She Can Pay
Online lending services seem to have terms that are highly attractive. For example, the time duration of getting a loan is shorter compared to the conventional lending system. As such, one may be tempted to borrow more than he or she can pay back resulting in high-interest rates for late payment.
In some instances, one may be forced to borrow more in order to finance the bad loan. Our company provides financial assistance but consumers should use the service responsibly and plan their budgets keeping in mind that they’ll have to repay loans on time.
4. One Should Never Pay Money so that His or Her Loan is Processed
There are some lenders who ask for upfront payment before giving one a loan. Paying before getting a loan, may subject one to fraud and may result in loss of money, especially if the people purporting to be lenders are criminals. One does not have to part with upfront payment for a legitimate loan and any lender who asks for it should be considered as fraudulent.
5. One Should not Use Payment System that is Not Traceable in Case of a Problem
One should not wire money when repaying the loan through Western Union or other companies that the transaction is not traceable. The payment systems does not offer support in cases of problem of loan repayment, resulting in misunderstanding and legal tussle between the lender and the one paying the loan.
Legitimate lenders Personal Money Service works with do not force one to repay a short term loan through wire as one has a choice of the payment method that he or she feels comfortable. Thus, one can repay using liquid cash, checks or any appropriate cash instrument.
6. One Should be Careful with Lenders who are More Willing to give a Loan without Rating one’s Credit rating
Traditional loan lenders do not guarantee one a loan before they analyze the credit rating of an individual or contact the referees. The aim of checking credit rating is to ensure that one will be capable of repaying the loan within the stipulated time frame. But alternative lenders provide loans to consumers with bad or poor credit. To justify the risk they charge higher interest rates than traditional financial institutions do.
7. One Should be Very Careful with Alluring Advertisements that Promise to Offer Instant Loans
People should avoid advertisement that are very attractive and promise to process payment quickly with low-interest rates. Advertisement should not be a reason why a person applies for a loan. Before making a decision to deal with one or another company it’s necessary to visit its website and to real all the important information.
Carefully read terms and conditions, and, if possible, look for feedback about the company in the Internet. It’s important to keep in mind that taking out even a small loan is serious decision and it’s better not to make such decisions on impulse.
The internet has played a key role in facilitating online lending, which is faster and more convenient. Personal Money Service is the best choice if you need online loan. Our company takes care of its consumers and offers clear and easy procedure of taking out a loan so dealing with us is always safe and secured.