Avoid Payday Loan Scams

Payday loans are a needed and legitimate way of getting the money you need when you need it. In addition, they offer a helpful, short-term, quick-fix solution to your financial troubles when you`re faced with a crisis or unexpected expense. If you are responsible and can pay the loan back (plus the fee) when it comes due and avoid the often high interest rates, payday loans can be exactly what you need.

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Exercising Caution on the Internet

Most payday loan lenders are legitimate, whether you use a cash advance store, apply over the phone, or find an offer on the Internet. However, while surfing the Internet for payday loans, you need to exercise particular caution. There are several scams out there in cyberland, masquerading as legit payday loan companies, but that really just exist to take your money.

The reality is that it`s really quite easy to take advantage of people in desperate financial situations, especially online. In fact, fake payday loan lenders are one of the top fraudulent businesses currently operating on the Internet. It`s worthwhile to be on guard and extremely careful when dealing with online payday loan lenders.


Here are a few tips to help you succeed and avoid payday loan scams:

 

Ignore Unsolicited Offers

First, you need to completely ignore payday loan offers that are unsolicited. For example, e-mail spam is a guaranteed clue that the company is a fake and is most likely someone that is phishing for a desperate person to cling to their unreasonable offers.

 

Don`t Pay Up Front

The second precaution you need to take is to never pay a fee up front for any online payday loan before you get the borrowed money into your account. In all likelihood, the supposed company will just take off with the money you sent and you won`t get your loan. A legitimate lender won`t ask for the fee up front.

 

Do Thorough Research

Next, do your homework in order to avoid being taken advantage of. Adequate research is an invaluable tool for finding out about fake and legitimate payday loan companies. Take some time to find out if the company really does exist and whether or not it is valid and reputable. One idea is to check with the Better Business Bureau.

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Be Careful with Electronic Fund Transfers

Further, exercise caution with electronic fund transfers. Do your research before giving out any bank account information. Try using online payment methods such as Western Union and PayPal instead of direct deposit to your bank account.


Report Suspicious Operations Immediately

Finally, remember to report any suspicious payday loan companies or blatantly fraudulent payday loan scams to the Better Business Bureau or other Internet sites that deal with this kind of thing. Payday loans are popular and beneficial for those who don`t have other options for dealing with unexpected expenses, but you need to be careful when dealing with online lenders.

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