4 Crucial Clues to Spot a Fraudulent Money Lender

A sign that the many Western economies still haven’t recovered from the global recession is that smaller, more scrupulous money lender operations are doing Economics Of Credit Card Business more and more business year over year. That isn’t to say that absolutely all of these smaller lenders are fraudsters, but the market has its fair share.
But these lenders are a kind of necessary evil in many communities. In many communities, it’s what makes putting food on the table possible. For many, this sort of lending is the only thing that keeps them off the streets.
So as these activities rise it’s more and more important for borrowers to be able to sniff out a fraudster from a legitimate money lender.
Let’s start with a few red flags. Let’s say you’re sifting through web results for a credible payday lender and you feel you’ve found one. But when you go to contact this person, it seems like all he’s more Types Of Business Finance interested in your identity and personal identifiers than issuing you a loan. Another clue is: He doesn’t ask for a copy of a previous paycheck but requires all of your personal identifiers such as:
• Your date of birth
• Your social security number
• Your current address and your previous 3 addresses
• Mother’s maiden name
• All of your email addresses and phone numbers
These pieces of information in many ways go over and beyond what a traditional background check on a payday loan would require. In fact, they’re exactly the kind of thing that an identity fraudster would require. He’d need your mother’s maiden name to pass security checkpoints for opening up new lines of credit in your name. The fraudster would need all of your email addresses and phone numbers in order to do the proper sleuthing and cross referencing about your identity on the web.
Another clue has to do issuance of the loan. If you provide all of your information to the payday loan lender and aren’t given a date or estimated time in which to expect the check or funds in return, this is incredibly suspicious. This is after all a lender that you’re supposedly working with.
Yet another clue would be a supposed lender that somehow requires money upfront in order to receive money at some later point.
Then there are the obvious signs:
• The lender can’t provide any kind of business license number
• The lender isn’t a member of any business or general lending association
• The payday loan lender doesn’t have a single physical address that isn’t a PO Box
• The lender’s supposed “ten years of doing business” is absolutely untraceable
• There are misspellings throughout the lender’s website, which also employs copyright-infringed graphics

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