Any reputable company will have customer-service representatives available to answer your questions. Check if the company or business is registered. You may however check with the company itself by calling their customer service number to check the legitimacy of your approved loan. How to check if a loan company is legitimate. Links, pictures, buttons, everything should work and be clickable. WikiHow “How to Check if a Company Is Genuine” If not, do an internet search for the company name. Websites like RipoffReport.com and ConsumerAffairs.com contain a database of complaints lodged against companies that have turned out to be fraudulent. If the address has a “P.O. Reputable loan companies disclose all fees up-front and deduct them from the loan amount you receive, instead of demanding money up-front. Online presence is a must for any business these days. Bankrate “7 ways to spot personal loan scams”, The Nest “How to Tell If a Loan Offer Is Legit?”, Finder.Com “How to avoid a personal loan scam”, WikiHow “How to Check if a Company Is Genuine”. Most legitimate lenders will check your credit to determine if you’re able to repay them: A high score means you repay your debts in full and on time. No reputable loan lender uses pressure to make you sign a loan agreement. Compare 9K+ verified customer reviews. Even if that’ll require time, don’t skip that option. About one-in-three adults is a victim of financial scammers, who don’t discriminate by age. Opt for special websites that help you find companies by showing their profiles, customers’ reviews, and the like. One of the easiest ways to spot a fake company is if you cannot see any evidence that they exist in reality. (+ Formula to Calculate It), Direct Lenders Like SpotLoan & Similar Loans. Whilst most of these checks won’t give you a definitive answer, they can help raise your suspicions and keep you on your guard. https://www.finder.com/personal-loan-scams, 4. They will work with banks on the borrower's behalf to modify a loan that a bank has already given. The first thing you should do when you are trying to find out if a loan company is legitimate is to do some online research. Required fields are marked *. Find contact information. Never. Odds are, you’ve received emails from unknown individuals who shout out loud you’ve won a prize, got a tax return, or beneficiary. However, you may be able to get your funds in as little as one business day. Check the address of the loan company. There are a number of steps to take before determining whether a loan modification service is legitimate. A reputable business will operate legally in your state. We strive to keep the information on the website up to date and accurate. Bankrate “7 ways to spot personal loan scams” First and foremost, check with the local Better Business Bureau (BBC). Lenders require personal details to control their risk and assist the government to combat theft, money laundering, terrorism. Whenever you apply for a loan online, you should always check that the provider is authorised and regulated by the Financial Conduct Authority (FCA). Independent mortgage brokers are sales people trying to marry a customer to a mortgage provider. On the other hand, the Internet makes it easy to confirm a business’s legitimacy. Save my name, email, and website in this browser for the next time I comment. A good way to find a reputable loan company is to ask trusted friends or family members for a recommendation. Don’t be fooled by promises that an advance payment will secure your loan. What Are Federal Lending Laws? Loan companies are required by law to register with state agencies to do business within a state. Do not provide your personal details on your account to anyone. If the address has a "P.O. While this may look like an ideal solution when you are struggling the company may not be who they represent themselves as. In this sense we’ve outlined some key points that will help you find the information you need. When you’re empty-handed, it’s unnatural for you to pay extra to borrow money. Our reviews for each company are broken down into aspects of their business that are both good and bad. Scammers prey on people desperate for financing by offering loans without credit check or income verification. This also includes small dollar, short term loans or line of credit loans. Common loan scams 1. If so, the loan offer probably is not a scam. Hope this helps! That registration not only proves that they are a legitimate loan company, but it also holds them accountable to certain standards and practices (which ultimately protect you, the borrower). 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