How to Ensure a Payday Loan Lender Is Real and Not Fake

Fake money lending companies often try to scam individuals by trying to convince them they owe money on cash payday loans. If you have never used a company like this, you need to be extremely careful about how you react. There are several ways you can protect yourself.

Following simple steps can give you peace of mind:

1. Find out What They Have to Say Find out as much information as you can about the suspected amount and when the loan was taken out. Also, try to find out if it was online transaction or whether the transaction took place in an actual money store or office.

2. Get Things in Writing Ask for a copy of the contract in writing. Have it emailed to you online. Never give your home address, unless they already have it. If they do, have them mail a physical copy to you.

3. Verify Their BusinessInformation Ask them for their business information. If they are a legitimate business, they will give it to you without any hesitation. Once you have their information, verify it with the Better Business Bureau. You can also check to see if they have a valid business license on file in the city where they are located.

4. Don't Be Swayed by Threats Many scammers believe they can gain control of a person by bullying them or threatening them with a lawsuit. In some cases, they may even say there is a lawsuit pending. Request the docket number and the location of where the suit was filed. You can easily verify whether or not a case is pending against you by calling the court and verifying the docket number and the names of the parties listed in the lawsuit.

5. Look at Your Credit Report Your credit report contains valuable information about all of your financial transactions. It will also contain information on any cash payday loans that you have defaulted on.