If you are thinking about getting a payday loan or have recently applied to a payday loan company then you should always keep in mind that payday scams are becoming a big problem online. With the payday loan industry getting bigger and bigger in the UK scams are beginning to show and more and more people are falling for the fake payday loan scam.
How to avoid falling for a fake payday loan website
Here are a few tips when it comes to applying to websites that are offering you instant money for a few personnel details, payday loan scams come in all shapes and sizes so we are going to give you the tips to stay safe when applying, receiving and signing payday agreements.
- Only fill out one application so you can remember who you applied to.
- Never use a third party always go to the source, read the terms of service to see if it a broker, brokers charge fees and will apply to many companies when you submit you personnel details.
- If a website does not have a terms of service move on.
- Always check the website is secure, https is a secure website http is not.
- Do not put your trust in a third party website, always make sure the company you are applying to supplies the funds.
- If a website looks suspicious move on.
- Make sure your agreement is in English and you have read it thoroughly.
Payday loan tips
- If you are in a hurry to get a loan do not go with the first lender you find, shop around as this will get you a better rate and less to pay off at the end of the month.
- Payday loans are expensive and will cost you a lot more than a overdraft so ask at your local bank to see if they can help you before signing a payday loan agreement.
- Keep a copy of your agreement so you know where you stand if mistakes are made, we have heard of payday loan companies taking funds before they are due.
Payday loans can be very helpful when you need bills, and other necessities paid off before you get paid. Always remember that a payday loan is not a long term solution. If you are having problems with debt or need advice then contact your local citizens advice bureau and they can give you advice free of charge.
