Three Ways To Know If You Are Engaging With A Licensed Moneylender

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Have you been offered by someone to lend you a lot of money without conditions, even though you have had unpaid debts for a long time? Do they propose to solve all your financial problems in exchange for paying only one consultancy? Are you harassed by promotions in brochures, telephone or email to deposit the money that you need just by calling and answering some necessary information? Watch out! You could be dealing with a fraudulent moneylender.

The Risk Of Fraudulent Moneylenders

Fraudulent lenders take advantage of the situation of people with financial emergencies, mainly in the following ways:

  • Hoaxes that purposely lead to endless payment methods and more profitable debt.
  • Using personal information of vulnerable clients for extortion crimes.
  • Steal the little or a lot of money that people have, leaving them without resources and indebted.

How Do You Know If A Moneylender Is Legal Or Not?

There are three easy ways to find out if you are engaging with a licensed moneylender or a scammer. They are as follows:

  1. Compare Various Lending Companies

A few platforms provide a free and independent financial advisory service, which is used to compare your credit application between Crawfort Singapore companies, that have previously been endorsed by the relevant institutions. When you compare different loans online, check that your information is protected by the Federal Law on Protection of Personal Data Held by Individuals.

  1. Ask The Supervisory Institutions

All financial institutions that lend money must be included before the Registry of Financial Service Providers of that country. Click on the name of each institution, and you can consult the registry from the internet yourself, at no cost. Have the name of the financial company you are looking for (preferably the full formal name, not abbreviations).

  1. Check Social Media And Internet Comments Regarding The Lender Company

Whatever the reason you are asking for the lowest interest rate loans, you mustn’t succumb to despair and take a few minutes before to google a bit about the reputation of the company from which you will apply for the loan. Remember that checking the background of the company you are approaching is free, fast and mandatory if you want to be calm.

Checking the background could be the difference between being a victim of a crime, or even saving a little more.

Red Spotlights Of Immediate Loan Fraud

You should be suspicious of a moneylender, company or financial institution that offers you a credit if:

  • It does not ask you for any entry requirements or only your identification and personal data.
  • From the outset, it charges you up to 6% of what you ask for a loan, for management expenses, fees, insurance cost or opening commission before you even know whether or not you will have the credit authorized.
  • It asks for a first deposit to carry out any procedure, or the service conditions you only if you provide photocopies of personal documents and credit or debit cards.
  • It prevents you from asking questions, or it answers your doubts in a confused way. Remember that it is your responsibility to investigate the company before hiring its service.

How To Prevent Fraud

It would be best if you were the first to take care of your financial security. Take into account that it will be easier to deceive you if:

  • You leave personal data such as telephone, mail or address on social networks.
  • You show desperation to get out of debt in the easiest and fastest way possible, so the most advisable thing is to expose your doubts in reliable financial sites, in calls or messages that you make directly.
  • You are not used to comparing options. This, in addition to saving you from fraud, could save you a lot of money in interest payments if you manage to choose the one that suits you best among several options.

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