Online loans offer convenience and quick access. But, behind it, vulnerable also ridden mode of fraud. Get to know the mode and do not get caught!
Now the times are very sophisticated, not just shopping that can be done online, but apply for money loan can also be done online without the need to go out and come to the bank. Online money lending is done by online financial institutions or better known as Fintech or quick loan India. They will provide loan funds in a simple way so easy to do for the customers.
This is often misused by irresponsible parties by using quick loans online fraud mode. There have been many cases on behalf of the money lending institutions which then carry away funds belonging to certain bank customers. Subject to the product offered, usually is a quick cash loan and unsecured loan or better known Unsecured Loans because it is considered more attractive to prospective borrowers.
Therefore, you should be keen to see and recognize the features of fraud mode under the guise of online loans. There are at least five traits that you should be familiar with:
- Excessive coercion
When you want to borrow money quick loans, you will definitely contact the lender or creditor first to wonder about the products they have. As you are wondering this, you must be wary of the creditor’s behavior. Usually in this section, they will not explain in detail about the loan products they have. But at the time of follow-up, they will be excessive by forcing you to become a debtor or borrower.
- Send unofficial email
At the time of follow-up, the authorized lender will contact you by phone and send an official company email. But not with a lender. They will send unofficial email. How to find out?
Official company email uses registered company email addresses because they represent a company, not a personal email address. Let’s say email@example.com, not firstname.lastname@example.org.
- Ignore the history of debt
One of the requirements to be able to borrow money in other banks or non-bank authorized institutions is to have a clean and good debt history. Often there are prospective borrowers whose loan application is rejected for having bad debt records. The authorized creditor always looks at and checks the debt history by accessing the Debtor Information System (SID) or conducting BI checking.
But this does not apply to creditors who have the intention to deceive. They will certainly give you the lure if you will ignore your debt history. This is what makes many people trapped in online money lending scam.
- Ask for a banking pin or password
You should suspect and be wary of creditors who ask for a pin or bank password that you have on the grounds for the completeness of the debtor’s funds. Generally in the initial stages, the requested data is just a name, phone number, email address. Bank pins or passwords are private and should not be shared with others.