April is Financial Literacy Month: how to avoid frauds
The off-springs of Financial Literacy Month are the tips how to be aware of frauds. More and more, mass-media and a series of financial organizations pay attention to this official campaign. Forbes, The Huffington Post, FedWeek etc have already published articles about the history of Financial Literacy Month and also a series of good advices.
The Governor of California himself, Mr. Edmund G. Brown Jr., has written, this year, an open letter which is posted on the site www.caflm.ca.gov.
„During this month, let us all take time to increase our knowledge of our finances and encourage our friends and family to do the same. I encourage Californians to take advantage of the free resources – including seminars and workshops, classroom presentations, online services and educational materials – and learn how to better manage money, investments, credit and debt and avoid financial scams and fraud”, exhorts governor Edmund G. Brown Jr. at the end of his letter.
More detailed clues about trickery on the complex world of online loans are emphasized, in articles about Financial Literacy Month, by specialized organizations like The Colorado Council for Economic Education (www.ccee.net), Council for Economic Education (councilforeconed.org), Online Lenders Alliance (onlinelendersalliance.org), Money Management International (moneymanagement.org) and so on.
Strictly about the online loans with monthly payments
As our website is focused mainly on online loans with monthly payments, we would like to transmit a couple of suggestions before you apply. And this because labels like „easy loans” or „easy personal loans” sometimes are used like lures by the swindlers.
So, be alert when there are unsustainable engagements like:
- No credit check;
- Guaranteed loan / every application accepted;
- Immediate transfer of funds;
- We will approve your loan; etc.
More than that, you should contact authorities or legal advisers when you confront with: threats of legal action or jail time to pay debts; requests to pay debts that you don’t recognize or debts that never existed; demands for immediate payment via MoneyGram or gift cards to clear debts; loan approval conditional on paying an upfront fee to demonstrate ability to repay.
To avoid these kind of situations, be sure that, before contracting online loans, including loans you can pay back monthly, you have carefully read the their rates and terms and that you have the lending company contact information.
If you use an online loan matching service, you should be aware that, in case of pre-approval by one lender, you will probably most likely redirected to his website. You should do not skip then the terms and conditions there, which are specific for each lender. For instance, some lenders require upfront fees. This doesn’t necessary mean a sign of fraud – it can be only a lending strategy. It is up to you to read with patience about these fees and about all agreements.
Technical tools against personal loan scam
Unfortunately, there are fake sites who only are interested to get personal data for phishing or other illicit intentions.
Of course there are a series of security hints to ensure that you are on the right site for getting facile personal loans. The name of the site’s owner is usually annexed with the license number for this kind of financial activity. If you are not quite accommodated with SSL (Secure Sockets Layer) it is a good idea to ask for help from somebody who is confident about this standard security technology. There are trust seals – like Norton, McAfee, BBB – Accredited, TRUSTe – and trusted reviews, as well.
On top of all these, choose carefully the site and keep a note at least with the exact url of the site if you decide to apply. Pay attention to the url to not become victim of scraper sites with very similar names or url of the trusted sites.
More clues about this topic there are on an official website of the United States government, at the address: https://www.usa.gov/common-scams-frauds.