Because technology today is fast evolving, almost everything can be done through the internet. Getting a loan is one of it. With just a few clicks on the mouse or taps on those LCDs, you can get the cash you need immediately.
For most people, this is highly considered as an advantage of the technology. But for others who have been scammed, this is just another modus of scammers.
Technically, many things can be done for both good and evil purposes; it’s just in a matter of distinguishing the right thing from the bad.
Do a thorough research
There are tons of online lenders out there, but not all are legit. You should ensure first that you’re dealing with a legit online lender before proceeding with the entire transaction. You can do a thorough research or participate on forums and ask other people for suggestions.
Once you have a list of online lenders, research about them and ensure that the company you’ll deal with has no negative feedback.
Call and inquire
Next step is to call each potential company. Although most service prices are posted on their site, it’s still best to call their customer service department and pretend like you don’t have time to check their site thoroughly. Jot down the information you’ll get and compare it with what you can find on their site.
If the information from the customer service agent doesn’t jive with what’s posted on their site, it’s probably not a legit lending website. You should also scratch off those websites that don’t have a customer service hotline at all.
Proceed with the formal process
Once you have determined which online lending company you’ll borrow from, it’s time to proceed with the formal process. Usually, sites will ask you to create a loan listing. This is where you’ll fill out a form including the amount you want to borrow. Investors will then commit cash to your loan, which will then be transferred to your bank account.
After this, you will be required to make monthly payments until you’ll pay off the loan. Some online lending companies, however, have diversified process, so better keep an eye on it.
Secure your personal information
Whether that’s a bank, a financial company or an online based lending company, you can’t avoid giving out your personal data such as address and bank account. Although banks and physical lending companies can assure you that your information will be kept confidential, online-based companies can’t.
If unwanted things would happen, you cannot easily go to their office and complain. That is why you have to ensure that you’re dealing with a legit company.
Online lending companies are indeed of great help. However, nobody can erase the fact that con artists will always be there. They will always find ways to obtain vital information on any individual and use it in unlawful activities. That is why before you’ll be persuaded by the offers of online lending companies, you should ensure that it’s legit first.