Protect yourself from fraudulent lenders
Jessica Monroe, an Oregon resident, had a personal emergency and applied for a loan. A red flag was paying a small fee just for talking with the lender. Not reading the loan agreement led to severe consequences for the customer. On the due date, the borrower learned that she owed a more substantial amount of money than previously agreed on. Only at that point did Jessica read the agreement and noticed the interest rate and all the additional fees that she did not discuss with the lender. Around that time, she was getting a ridiculous number of cold calls and promotional offers from various telemarketers. It was obvious that her contact details were shared with third parties. Unlike most borrowers, who choose to forget they ever had to do with fraud, Mrs. Monroe decided to sue the lender. 1FirstCashAdvance provided Jessica free financial advice from one of their experts, as well as access to same-day deposit payday loans.
During the trial, the presumed lender testified that he did not have a license to provide loans at all. The case uncovered a series of violations regarding personal data protection. Latoria Williams, one of the financial experts invited at the trial, stated that an increasing number of borrowers complain about fraudulent lenders. According to the expert, consumers need to be more cautious before signing a loan agreement. More specifically, as an applicant, make sure you check:
- whether the loan service has a physical address and phone number;
- what reviews they have from other users on trusted review platforms;
- the loan agreement before signing it.
Mrs. Williams stressed out that we should trust our instincts when something seems off. There is an increasing number of identity theft cases and borrowers who report fraud or scams. The financial expert with 1FirstCashAdvance pointed out that reading the loan agreement before signing it is mandatory. Pay attention to the fine print and require additional information about anything you do not fully understand.
No legitimate lender will ever ask you to pay anything upfront. A professional will ask you if you have any questions and insist that you read the contract before signing it. For the security of your data and safe transactions, conduct a simple verification of the lending company. If you cannot call them back or many customers report having had a bad experience with the company, move on to the next lender. There are enough legit loan services that will provide you with quality service and quick cash.