Internet Payday Scams Are Popping Up Everywhere What to Watch Out For

Internet Payday Scams
Internet Payday Scams

There are plenty of internet payday scams going on.

Several are being reported each day so be extra careful before disclosing information like your social security, date of birth, and drivers license number.

Be careful of payday loan advertisements that are all done online without meeting anybody in person.

There have been several recent complaints against payday lenders. Many people are claiming fraud, especially to online payday lenders. People are complaining that payday lenders are withdrawing money out of bank accounts without permission.

Another complaint going around is how payday lenders are going about collecting debts. In general, there have always been numerous complaints about how sub-prime lenders call over and over again to make sure their customers pay on time. Westlake financial has gotten heat for this in the past. If a payment is late borrowers will get called repeatedly until their payment is paid. Can you blame the lenders for doing this? This is subprime lending. It’s high risk, and isn’t this to be expected?

I agree that if a borrower is paying on time that they shouldn’t be harassed with constant phone calls. Especially people calling who are rude with no manners.

Be careful who you do business with. Check out the business ahead of time. See if you can find reviews online. Keep in mind that with sub-prime lenders you will always find bad reviews. People get mad when their vehicle gets repossessed, but don’t want to take responsibility for their actions.

internet payday scams
internet payday scams

Never pay any fees up front in any payday transaction. Try not to borrow anymore than what you think you can pay back. The more you borrow the more likely it is you’ll have problems paying it back. Most payday lenders will give you more time to pay back the loan but will add more and more fees. You can end up paying more in interest in penalties then what you borrowed. Make sure you understand exactly what you are getting in to. Read the fine print. Keep track of all receipts and documentation.

 



 

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