It is a fact that online applications for payday installment loans and other short-term loans are increasing. Aside from the convenience that these online loans offer, people tend to be fascinated with quick loans due to urgent and untimely cash needs. The increasing demand for online loans has also been a favorite niche for scammers. The more people that patronize online loan applications, the more online scams are circulating around the internet.
So how can an innocent consumer of payday installment loans and other online short-term loans protect himself from these vicious online scams? One tagline used to catch attention and is very crucial especially in these times reads, “Sign up with a Company You can Trust.” This is really important. Victims of most online scams are those that do not search for information about the loan company they are dealing with.
The most common online scammers aim to steal the identity of their victims. Consumers are warned to be extra careful with their personal information during online applications. Beware of companies that want to sell this information and sell it to loan scammers. However, consumers should not be discouraged. There are lenders of payday installment loans and other online loans who feel the security of your information during your online application to be of utmost importance to their credibility because their business depends on it. Also, they want to avoid being subjected to civil or criminal liability.
Just as the saying goes: it is better to prevent than to cure. It is hard to regain what is lost. So here are some security measures you can take to prevent scammers from stealing your personal information or identity during online loan applications:
1. Look for security encryption marks. Look for an “https:” and not an “http:” on the website address. The padlock icon and address that begin with https means that your online application information is sent on a secure SSL encrypted connection. This will assure you that the information you are submitting to the company is safe from the prying eyes of scammers.
2. Another security symbol you must look for in a website of an online loan company is the VeriSign symbol.
Check carefully that it’s valid and not just a fake image. This symbol will tell you that the website secures your personal information and there is no malware – spyware – virus that results from leaking your data.
3. Before signing up, be sure to read the fine print at the bottom of the website. Unlicensed lenders are required by law to state that they are NOT a LICENSED LENDER. Beware when dealing with these companies because they may be collecting your information for resell to third-party companies. If this happens, these third-party companies will sell your information to others. So, your information will be passed on from one person to another and you will have no control over your private information. It is therefore important to submit your information only to trusted companies.
4. The most important to avoid when using public computers or connections during online applications. Most public computers have unsecured wireless connections and portals so they are prone to online scams and may get access to your information.
There is no better way of protecting yourself from online scams than to secure your data by using a secure website for your online loan application.
There is no better way of protecting yourself from online scams than to secure your data by using a secure website for your online loan application.