With so many stories of online scams, hacks, attacks, and more, it may seem to you that the online world is no place to do anything that's financially related. As such, the thought of getting an online loan may be unbelievable and scary. However, it is surprisingly safe to do, to the point that many people swear by getting their loans online. Add to the fact that online loans are incredibly convenient to get compared to visiting a bank or another lender in person, you should give this a go.
That said, scammers still exist, looking to milk you from money. For that reason, taking extra precautions is always a good idea! In this article, we're going to share with you tips on how you can ensure the online lender you work with is trustworthy:
1. Research the Company
Sooner rather than later, scammers easily get caught in their schemes, and their efforts will be exposed through news articles and the likes. As such, an excellent way to know if a lender is nothing but a scam is to do a quick research. You can look for reviews of a specific lender or even hunt down news about the lender. If there is anything scam-related about the lender, it will be stated. If you find nothing of the sort other than plenty of praise from the lender's clients, chances are you are looking at a trustworthy and reliable lender.
2. Ask Your Friends and Family
If your friends and family have taken out a loan through online means before, it never hurts to ask them how they did it and which lender they worked with. Ask about their experience with taking out the loan and whether they will go back to the lender should they need more money. If you see that their experience has been a positive one that resulted in the money they need, you will likely experience the same thing.
3. Reach Out to the Federal Registration
All genuine lenders are required by the FTC (Federal Trade Commission) to register in the particular state they are operating in. As such, an easy way to identify an actual lender from a scammer is to check for a specific lender's state licenses. This way, you can look at the list of registration numbers to see if they are there or not. If they aren't, that's a sign that they are scammers, but ask the lender for their registration number to be sure.
4. Look for the Lender's Rating on the BBB
Don't expect to look for positive reviews on the BBB (Better Business Bureau) website, as that's where people go to complain. However, those comments can give you a good sense of whether the company's worth working with. If it is obvious that the lender is a scammer, it will be talked about there. Other platforms you can visit for reviews include things like Yelp and TrustPilot can also offer you more insight into the lender, helping you know whether they're real or fake.
All in all, when identifying whether a lender is real or fake, it is recommended that you apply one or more of the above tips. Thorough research before working with the lender will significantly reduce the risk of ending up working with a scammer rather than a genuine lender. It will also ensure that you pick not only an honest lender but the right lender that fits your needs. This way, your online loan experience will be the best it can be, ensuring you get the money you need in the most convenient way possible.
First Finance Company Birmingham are expert and trustworthy lenders focusing on customer service to ensure that all clients and customers are thoroughly satisfied. If you are looking for online personal loans in Birmingham, reach out to us today!