Are pay day loan a scam?
There are several scams out there in cyber land
, camouflaged as legitimate payday loan companies, but that really just exist to take your money. The reality is that its really quite easy to take advantage of people in desperate financial situations, especially online. In fact, fake payday loan lenders are one of the top fraudulent businesses currently operating on the Internet. Its worthwhile to be on guard and extremely careful when dealing with online payday loan lenders. Here are a few tips to help you succeed and avoid payday loan scams Internet PayDay loan scams: Internet
PayDay loan scams are a very serious problem. The amount of scam artists selling cash advance loans on the Internet is increasing daily. There are numerous payday loan companies looking to rip off hard working people just like you and me, and without the right information you could easily find yourself trapped in an endless cycle of payments. Doing business on the Internet is very attractive to scam artists because it is very easy for them to hide their true identity. Companies using the Internet can create virtually any image they want you to see. Just because a company has a nice looking web site doesn't mean they are an honest group of people. Web sites can be set up in a matter of hours, and can be taken down in just a few minutes. The Internet makes it simple to close up shop and disappear almost instantly. It is also very cheap, for a just a few dollars almost anyone can get an internet web site hosting account and email service. Some of these scam artists are so good they can even scam other companies out of these services, thus making it 100% free for them! The Internet also provides a great pool of new people to rip off. Scam artists know that in order for them to keep making money they have to keep finding new victims. Since the Internet is world wide it makes a perfect place to find new people to exploit and steal from. Phishing sites: Phishing sites are designed to collect personal information on you such as your name, social security number, phone number, and bank account numbers, etc... This information is then used to get credit cards, drain your bank accounts, or worse your information is sold. Sometimes your identity is sold to the highest bidder, who uses it to defraud the government, avoid taxes, or even sold to illegal immigrants so they can gain employment. There are several sites that were not designed to collect information, however they were still usually rip offs, with very short payment terms, and high interest rates. They were more than happy to loan you money, however 9 out of 10 times the loan time was very short, which means you constantly had to request extensions which of course comes with a fee. Also the interest rates for these loans were sometimes as high as 350%! That means if you borrow $1000, they expect you to pay back as much as $4500! Now I don't know about you, but that sounds like highway robbery to me. Even worse these companies have extremely high late fees, in some cases if you were just 1 day late you could expect to pay a few hundred dollars in fees. Payday loans are a needed and legitimate way of getting the money you need when you need it. In addition, they offer a helpful, short-term, quick-fix solution to your financial troubles when youre faced with a crisis or unexpected expense. If you are responsible and can pay the loan back (plus the fee) when it comes due and avoid the often high interest rates, payday loans can be exactly what you need. If you decide you must use a payday loan, borrow only as much as you can afford to pay with your next paycheck and still have enough to make it to the next payday.
Are pay day loan a scam?
By: Shaun
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