How to Prevent Yourself From Getting A Loan From Unlicensed Moneylenders
The need for loans has not been much of a debate since the early 2000s. The economy has been stable, and earnings could suffice for family needs. Most families rarely needed to undertake a loan for any purpose. Nowadays, loans are like a necessity for survival. The increase in the luxury of lifestyle, coupled with emerging economic reforms that have seen money make significant changes over the years, the number of borrowers has increased drastically. Getting a loan is no more a difficult task now. You can get a loan for your schooling, business, personal needs, and even for a desired project or mortgage. With the increasing channels through which one gets a credit, adequate care and precaution should be employed, to avoid falling into the hands of unlicensed money lenders.
In this article, we shall give you tips on how to detect and avoid getting loans from unlicensed money lenders.
Tips for Avoiding Unlicensed Money Lenders
These days numerous individuals are searching for any approach to remain alive; little and huge entrepreneurs are searching for strategies to help their requirements; along these lines, numerous individuals will, in general, fall under the control of unlicensed cash banks working together for a credit that never comes. While a few tricks can be adequately distinguished, many of them are not and can interruption your casualty’s budgetary life.
A few cash banks, particularly those that work outside the law and guarantee to rapidly satisfy the solicitation, yet the difficulty lies in distinguishing which of them are incredibly dependable. Some cash banks will vow to give you credits quickly, yet how would you know which one is genuine? Luckily, there are a couple of ways and techniques to decide whether you are falling into a bogus ground that prompts a trick or are doing a specific procedure.
Red Flags for Detecting Unlicensed Money Lenders
- Some unlicensed money lenders will send out emails, telling you your loan has been granted, whereby you never applied for loans. These emails can expose your details and put you at risk of being defrauded.
- These unlicensed lenders will refrain from revealing your location and contact. Be careful of their offers if they do not acknowledge this information.
- The request for Credit checks is another important fact to note. Credit checks are not necessary for a loan request. A moneylender looking for credit checks might just be looking for your bank details and might use it to perpetrate evil.
- Unlicensed money lenders often do not have a base or an office location to identify with. If your supposed lender is in this category, you might want to consider another licensed lender.
- The demand to pay upfront before you can get a loan is another indicator of a fraudulent lender. Do well to cancel the transaction if the supposed creditor demands an upfront payment before sending you the loan money.
- Unlicensed lenders mostly do not have good grammar composition and writing skills. This should be one way to spot them and avoid them.
- The email sent in the header should be the one you reply to. Any lender requesting you to answer an email that is not in the header might be a scam. Do well to stay away from it.
Even if you are very desperate to acquire a loan in Singapore quickly, we advise you to take the time to who may become an unlicensed lender.
One of the ways to do this is to check the internet by placing the name of the lender or the alleged loan company with keywords like ‘scam,’ ‘complaint’ or ‘reputation.’ When you do this, you will be shown the reputations and opinions of other people who have worked with these lenders or companies, and thus help you choose wisely. On the other hand, getting a loan from a reputable loan provider such as Crawfort is a sure and safe bet.