Technology is blended with life at every hook and crook. It has made an individual very knowledgeable and is helping them to make an informed decision in every aspect, right from purchasing the product to taking credit to finance the same product. The lending market in Australia has taken advantage of the increasing and advanced technology and has increased its scope of reach to potential customers. With multiple loan options available to people at great convenience, people are looking at Instant Cash Loans as an effective alternative to short-term needs. Loans are undoubtedly a popular option among many to arrange quick finance. Still, the scams that are happening are a major haunt for people. The current article unfolds a few insightful ways to detect scammers before applying for a loan.
No Registration
When a lender is offering credit in Australia, they must obtain a license to offer the service. Check for the lender’s license even before you apply for the loan. Licensed lender services are regulated by the credit union, and there are very few chances of scams approaching these lenders. Every licensed lender is mandated to display the number on the website. If you cannot find a number like that, you can ask them to provide the AFS and check it against the Australian securities and investment commission to ensure it is legitimate.
Contact You First
There are many lenders offering credit services to people of Australia. of course, there is intense competition between the lenders to grab the attention of potential customers. Every legitimate lender will increase the market by giving the best offer to the customer who reaches out but doesn’t reach you with the loan offer even before you request them. The lenders contacting you first with the loan offer may justify it to be their marketing strategy, but it is better to keep off from such lenders suspecting it to be a scam.
Charges Too Good To Be True
Every business is motivated to make some money, and online lending is no exception. Small Personal Loans are feature-rich and expect them to be charged higher than normal banking loans. The lenders may, of course, compete with the others in offering loan charges, but it all varies according to your current credit score and other related factors. When you are in search of the lender to get the best rates on loans, you could come across lenders that offer loans that are too good to be true. If the loan prices and terms are surprising when compared to the rest of the lenders, there are high chances of you being scammed by the lender.
Not A Secure Website
Small personal loans run their business completely online. The website of the business is not a static one that talks to others on behalf of the customers; it is a virtual store that runs the entire business process; the website has to be secure, protecting every detail shared by the lender. As you would be providing some key information to get the loan application processed, make sure to check the privacy policy and data security of the website before applying for the loan. It is all about dealing with financial transactions, so the lender has to offer prominent website protection. Also, make sure the website uses an SSL connection. Though checking all these details sound complex when you are in a hurry to apply for a loan, it is vital to check these details as it may risk your confidential information.
Physical Address
The small personal loans are processed completely online at breezyloans.com.au, yet physical location and address are needed for the business because they have to register the business with the regulatory Authority of Australia to offer the services. A legitimate lender should always provide a business address and contact details for any customer support services before offering the loan and during the tenure of the loan.
