Predatory Lenders

The Internet is the number 1 source of credit, most especially advance payday loans. However, borrowers should also be aware that this source has been vulnerable to exploitative lending. While you can find a lot of reputable and legitimate providers of advance payday loans, you can easily become victim of predatory lending if you are not very careful. Here are some telltale signs of predatory lender or illegitimate lenders.

Better Business Bureau

One way to determine a business’s or lender’s legitimacy is to check its licenses with the Better Business Bureau. If they are not accredited at this agency, better stay away from it.

Customer support service

Even if they do have customer support, make sure they have a good one so that you have people to talk to when something goes wrong or when you encounter a problem regarding your transaction with them.

Bad Reputation Online

The reputation does not only refer to the reviews they have on their website but also on legitimate reviews site. If you can’t find a lot of good reviews about the company, better just stay away from it.

You should also keep in mind that having good reviews on reviews sites is not enough reason for you to immediately do a transaction with the said lender. The reviews could easily be fabricated by the lender itself.