This kind of articles exist for giving tips, guides and advice to people who are not aware of the same. Some texts might be more general and they provide general information, but this article is not like that. Advice concerning online payday loans is what this text is going to be about, so if you find some things that you already know, stick on, you might learn something new in the later part of it.
It should be a common knowledge that you don’t do business with unlicensed lenders. But the sad truth is that many disregard this warning because unlicensed traders have better deals displayed. And later you can see them complaining how they got cheated and they had to pay a way more than they thought they should. Well, that is a great lesson for all of them.
For those of you who are not certain about those traders I will give you few lines of advice:
- Never, and I mean never share any personal information with unlicensed lender. If a licensed lender abuses your information you can take legal actions again them, but unlicensed lenders are illegal by law, so you will be the one who is guilty for the loss of that info.
- Some of those online payday loans sites are not the lenders, but lead-generators. Meaning that your information is sent to multiple lenders who may consider to give you a loan. And they get hold of your information. Let me ask you one thing, how do you know that a lender is a lender and not something else?
How to protect your banking
Protecting your banking info is also important and it should be done the right way and without stupid decisions. When I say stupid moves I am taking about automatic payment option that some lenders give. It seems nice, your loan will be repaid and you don’t have to bother yourself with transaction. But in reality it opens the bank account to the lender, and what you call automatic payment is actually the lender pulling out the money from your account.
What stops an unlicensed lender from grabbing few hundreds of dollars more from your account? Nothing s the answer. So if you notice the lack of resources on your bank account and you see the record of the transaction don’t complain to the bank. It is not their fault for your stupidity, and they will do nothing to return that money. Why should they, you gave the rights of your bank account to the third party, for the bank it doesn’t matter if it was your wife or some payday loans lender, they had a right on that money, because as I said few times you gave them that right.