How do we protect ourselves from the most common fraud when looking for a fast online payday loan and why is it dangerous to borrow from private individuals?
The vast internet space is full of stories of fraudulent borrowers. Some of them were able to protect themselves if they only took some time to read the terms of the loan agreement before committing to them. In order to protect you, we’ve made a list of security policies for anyone considering online credit.
Never take out a loan or loan from unknown private individuals
Who claim to be creditors or representatives of credit companies. Under no circumstances! Legitimate credit institutions have well-marked offices, an official website, documents proving their legitimacy , prominently displayed on both the site and the office.
Never accept loans from dubious companies
If they cannot even show you the company’s official website. In addition, registered credit companies hold a BNB registration certificate , as well as a registration certificate with the Personal Data Protection Commission , which is easily verifiable.
Have you been shown a site
That alone is not enough. Check the credit company details thoroughly; take a look at the contacts listed, check that the phones are real and that their address is real.
Look carefully at all the services and products the lending company offers
Get acquainted with the terms, interest rates and any additional credit costs in advance. Read the documents you have provided.
Ask for a model credit agreement or terms and conditions
Serious and reputable companies have no reason to hide it. Even if you do not find a contract template on their site, you have the right to request it to read the terms in advance before proceeding to sign. You are also entitled to receive pre-contractual information in the Standard European Format. Read it carefully.
Note the fine print
Read the lines in fine print and pale ink well. As a rule, there is a catch – for example, hidden rates and other additional fees on the loan. Don’t just read the fine print, read everything . Many incorrect lenders supplement the terms in the main text with unfavorable terms for you, so it is advisable to read it carefully.
Never pay in advance.
The logic behind loans is that you first receive the loan and then pay it back on time. No legitimate lending company will ask you for upfront amounts. Even if you need it urgently and you are unable to get a loan from another company, you should not have to give money upfront, especially if the service you want to use is a loan. In such situations, you run the risk of losing all your remaining money. This is not the practice of reputable lending companies.
If you have the slightest doubt about the legitimacy of the company
Do not trust. The activities of legitimate cash companies in the form of online loans or loans to individuals are regulated by law, so the contract between you guarantees the protection of the rights and obligations of both parties and, most importantly, regulates the resolution of possible conflicts.
Most lending companies that provide online loans and loans require you to provide minimal documentation. But after you have checked on the above tips the legitimacy of the company, the requirement to present an ID card when signing a loan agreement should not bother you. As you know, this is also required when you visit a bank branch.
Once you know all this, you can safely trust Tattycoram when you need cash right away.