Last Updated on Wednesday, 14 November 2012 05:31 Written by Ebiz Friday, 23 November 2012 05:30
Consumers on the west coast and in other states are getting stung by a payday loan scam. More than 300 people have been victim to several payday loan companies with the same Las Vegas address and with identical websites.
Apparently, consumers looked into a payday loan site without really officially signing for the loan and found out that $30 was taken from their checking account without their authorization. Another case stated that, after merely checking out one payday loan lender online, they received over 100 offer from other payday lenders and had $30 taken from their checking account.
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The companies named in these accusations are Capital Advance Capital, Pacific Advance, Ideal Advance Loan Tree Advance, Palm Loan Advance, Vantage Funding and Your Loan Funding. The BBB says many of these companies already had bad ratings and complaints; although some of these companies try to make amends, most people just want their money back.
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A lesson to the wise, do not share your personal information so readily on the internet. Definitely do more research on the loan company before you give out any information, especially bank account and credit card numbers? What has happened to these consumers is identity theft in a sense, but because the information was freely given, it is hard to prove.
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Payday lending and auto title lending businesses can be unscrupulous, as it is. Many short term lenders will prey on the unfortunate poverty stricken consumer by giving them hope of urgently needed money. The promise of instant cash to a paycheck to paycheck survivor is overwhelming and hard to resist. The details involved in such a venture are often overlooked by the borrower in their haste to obtain the much needed funds. The borrower is so anxious to receive any type of loan, that he volunteers personal information readily without forethought.
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A payday loan and a car title loan are necessary for some people but the consumer still needs to take precaution. The cost of these loans are high, but the consumer with a poor credit rating needs a place to be able to find finds, when? they are living from pay check to paycheck and an emergency arises. Checking out the various lenders on the internet is the ideal way to precede, however, the consumer should not give out his personal financial information to all the lenders that they are purveying.
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The potential borrower should proceed by taking notes on the various lenders fees and interest rates and repayment offers without giving back information other than an email address. Only after the potential borrower decides on which lender is legitimate and would suit his/her needs the best, should he /she give out the financial information asked for. An honest lender will keep this all this knowledge confidential and use this information only with the borrower?s consent, after all the terms and conditions of the loan are disclosed and agreed upon.
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The consumer need not fear or avoid the payday lender or the auto title lender altogether, the consumer just needs to be aware and informed of what is true and what is false in the industry. It takes patience and knowledge. All the information needed is out there; you must find it and utilize it to your best ability.
Source: http://blog.ebusinessdebtrelief.com/debt/how-do-you-know-its-a-payday-loan-scam
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