How to Spot a Scam?

Surveys found that about a million people in the UK take out quick cash loans – also known as online loans or payday loans – every month. Even more, about half of these individuals use the loans to pay for essential necessities such as food and fuel. This huge number of people taking quick cash loans only fuel scammers to take advantage of those who need money fast.

If you’re one of those considering taking quick cash loans, here are a few pointers on how to detect – and avoid – dubious online loan deals:

Beware of loan offers made via phone call or email. Legitimate loan lenders do not need to cold call people for a loan offer. If you receive an email or a phone call asking if you’re interested to apply for a loan, beware. It is highly likely that this is a scam.

Do not trust those that ask for you money. You’re applying for a quick cash loan because you need cash. You do not need to pay any registration or application fee, or any kind of cash-out for availing a loan. If they ask you to make a cash payment, then the company is likely a scam.

Double-check the URL and website of the company. Loan scammers are not just out to get your money but also to steal your private information. To ensure that you deal only with legitimate and trusted companies that can protect your privacy and security, make sure that their company URL carries “https”, not the “http.”