The importance of an instant personal loan has grown in the last few years. Having an easily accessible financial solution that actually comes in use when you need it the most is very important. With more and more people taking the online route for securing a loan, instant personal loan apps have made their way into the market, making it even more easy and convenient. But as the percentage of people opting for online loans seems to be increasing, so is the percentage of scams. It may seem like an instant personal loan portal but it is only a facade that is actually trying to take your money.(kindly rephrase) There are ways by which you can accurately determine whether the loan app is genuine or not.
The convenience of Securing an Online Loan
One of the biggest advantages of an online loan is that the whole process is quick and convenient. You do not have to take out time to visit a bank to apply for a loan when it can happen on the go, through an instant personal loan mobile app. It is a streamlined process with minimal documentation required (self-attested digitized copies) so it hardly takes any time. What’s more, the instant approvals and quick disbursals are what make an online loan more attractive because you save so much time and will be in use when you need it the most – during a financial crisis.
How to Check You Are Not Being Scammed
#1 No Transparency
Usually, there will be little to no transparency maintained about details such as fees, instant personal loan disbursement time, etc. Any website or portal that is being vague about the loan application process or approvals or even how to reach out to customer care, raises an alarm and you should immediately log out. ”
#2 Does Not Ask For Your Credit History
A reputable lender will always ask for your credit history. So if you come across a website that overlooks the requirement for your credit score, it may not be legit or verified. Credit history will determine your ability to pay back the loan amount and also inform whether you are consistent with your repayments. Fraudulent businesses are not interested in your creditworthiness and will mostly target high-risk borrowers.
#3 No Physical Address
One of the first things you should notice on a scam website is whether a physical address is mentioned or not. If it is a verified lender, there will be a physical address that actually exists when you look it up on Google Maps. Scammers will either not have any address mentioned at all or will mention an address leading to an empty or abandoned lot. (please rephrase)
#4 You Feel Pressured Into Applying For A Loan
If there are any offers that are being provided on personal loans that are to expire quickly, walk away from them because you are about to get scammed. Reputable lenders have consistent offerings based on creditworthiness and other factors. At no point, should you feel pressured into securing a personal loan.
#5 Payment To Be Made Using A Prepaid Credit Card
Never trust any website that asks for prepaid credit cards for repayment. Banks and other lenders typically accept loan payments in the form of online payments, checks and other traditional forms of payment and would never request or accept a prepaid credit card as payment. Requests for gift cards, payments over the phone, and checks made out to individuals should always be treated as a red flag.
Conclusion
More and more people are opting for online loans nowadays which makes it even more vital to know the difference between a scam and genuine. It is also important to do your research and talk to people to find out credible portals that you can reach out to secure an instant personal loan.
