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This YouTube video tells of an alarming case of an Iowa-based borrower who was conned into parting with up-front fees for a fictitious loan that was never received.
As the Latin expression states, Caveat Emptor – buyer beware!
Never has this been more appropriate a warning than with the short term loan industry. Although CashAdvanceOnline.net only operates with regulated and reputable companies, there have been a number of worrying incidences of payday loan-seekers being scammed by unscrupulous and ill reputable lending companies.
Preying on the urgent need of some consumers for fast cash and obtaining personal details through unsecure means, those companies can approach consumers appearing to be bona fide. As such, it can be easy to fall foul of these scam artists.
Phony Lender
This YouTube video report details the story of an Iowa-based consumer who had been applying to various payday loan companies for some quick cash. The consumer didn’t take a loan at that time, but 4 months later received a phone call from a purported lender. As it happened, she was in need of some extra cash and was offered a loan of $3,000 by this supposed lender, paid over 10 months in exchange for $330 of up-front fees paid in advance via Western Union. The consumer accepted the offer over the phone and wired the money to the alleged lender.
Unfortunately, she never received the $3,000. It was a scam and she parted with $330 of her hard earned dollars for nothing. The company that approached her was not a genuine lender and this was exposed as an offshore payday loan scam. Luckily, she was able to recover her money due to reporting the action to the Iowan authorities.
Red Alert
There were a couple of red warning flags in this story. Reputable companies will never ask for you to part with your cash in advance of being paid a loan – be aware and if a company asks this of you, find another lender.
Tips & Advice
Do not make payments through money transfer or wiring services before having read, reviewed and signed some form of loan agreement and received the loan up front. Repayments are the only time when you part with your money. You can’t repay on something that you haven’t yet been paid!
Why you should use CashAdvanceOnline.net.
We only work with only reliable and reputable lenders and pre-screen carefully. We hope that exposing the underhand methods of other less professional outfits will help protect consumers from nasty scams.
If in doubt, ask questions, feel comfortable with your answers and research the reputable of any lender before committing to a loan. Apply here for a fast match!
