How to know if an online loan company is legitimate or not
The last thing you need when you decide to borrow money from an online lender or month to month loan company is to choose a SCAM lender. It is important to do your homework on this subject. In this article we are going to go over some ways that you can spot whether a month to month loan company is legit.
1. Search by name with the Better Business Bureau (BBB), the Consumer Finance Protection Bureau CFPB and your state’s Attorney General
If the search returns “Not BBB accredited,” it could be a sign that the company is worth investigating further. Contacting the Better Business Bureau is a way to determine if the lender is trustworthy, and to see posted customer reviews and complaints, and an A-to-F letter grade rating of a lender’s reputation and business dealings. Not all companies on the BBB have reviews there so you may need to check other places for reviews.
The CFPB allows you search for any disciplinary actions taken against any lender or individual enabling you to locate problematic business dealing histories.
Contact your state Attorney General, their offices are repositories of information on the worthiness of any businesses operating in your state. Loan companies are required by law to register before they can do business, so this is a great place to see if they are legitimate.
2. Check the online reviews or for any complaints
Places you can go to find reviews on month to month loan companies are: Trustpilot, Yelp, Google, and Facebook. Make sure the company has enough reviews and not all of them are positive. No company is perfect, so having all positive reviews is a sign that the company may be fake. Not all companies have reviews on all these platforms, so check the company’s website to see where they advertise that their review are. Things to look for in reviews would be complaints about fees that were paid for services never rendered and an inability to contact the supposed lender with questions or concerns once the deal was signed.
3. Check the company details
Check the business’s website and pay attention to the contact information it has provided, such as the physical address, phone number, PO Box, and state. See whether this information matches on all platforms. A legitimate month to month lender’s website will have a padlock sign and a web address that begins with HTTPS, not HTTP.
Cross-check any address with Google maps or review sites such as the Better Business Bureau to verify if the information is accurate. Some businesses may have more than one office and may list more than one physical location.
Be wary of businesses that list only a PO Box and no physical address. Scammers often promise things they can’t deliver and will try to stay one step ahead of any complaints by simply changing the name of their company, disconnecting their phone, and setting up a new address, usually with a PO Box.
Get an online personal loan for bad credit
Getting an online personal loan for bad credit can help to increase your credit score by improving your credit mix. Your credit mix is made up of the different types of credit accounts you have, which includes: credit cards, loans, mortgages, etc., and it makes up roughly 10% of your credit score. The most beneficial way to use an online personal loan for bad credit is to use the funds from the loan to pay down your other lines of credit. An online personal loan for bad credit can also be useful when you need emergency funds for things like medical bills, car repair financing, home repairs, etc. Making your loan payments on time each month will also contribute to your on time payments, which will increase your credit score. When looking for online personal loans for bad credit, keep 60monthloans.com in mind as we offer personal loans for bad credit and loans with no credit check!
1. Strange indications
Declaring fake info on your loan application (for ex that income is higher than it actually is.)
Asking you to sign blank forms and saying they’ll fill them in later for you.
2. Pressure in any form
3. Promising one thing and giving another
4. No credit checks in any form
Legitimate personal loan companies and month to month lenders will do a credit check as part of the loan application to check your creditworthiness before they approve any loan amount.
5. Upfront payments or payments in advance for a loan.
6. Phishing scams
This are email tactic used to gain access to sensitive information such as your bank account number, Social Security number, username, password, etc. (These usually come from an email from a place you probably have an account with like PayPal, they will get you to try and login. Pay attention to the email address that the email is from, it may look similar to the right address but will usually have extra numbers in it.)
We hope this helps you feel more confident on doing your research and getting a loan from an online month to month lender. For your information 60monthloans, Inc. has most of their reviews on Trustpilot. You can check them out to see what our customers say about us!