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How to Avoid Personal Loan Frauds?

Scammers often find out the person who is in need of money or willing to apply for personal loans. To break this scam operations Your Our Funding tries to create awareness about personal loan frauds and provide the borrower an instant loan with no hidden clauses or any fraudulent activities. Know More: https://yourownfunding.com/the-9-most-common-personal-loan-traps-and-scams-to-avoid/

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How to Avoid Personal Loan Frauds?

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  1. Awareness About Loan Frauds

  2. Loan Frauds As there is growth in the online loan sector simultaneously online personal loan frauds are increasing day by day. Many companies take advantage of the need for money to the borrower and grab them in the trap of loan scams.

  3. POINTS TO BE KEPT IN MIND WHILE AVAILING PERSONAL LOANS TO AVOID FRAUDS OR SCAMS

  4. Overseas Lenders If someone calls and says they are an overseas lender their main office is located in U.S.A, Singapore, Hong Kong and ask you for a loan. Then you need to cut the phone call immediately unless it is referred to you by any of your friends, family members, or colleagues. Somebody who already had taken a loan from that person.

  5. Research About The Lender Profile If the lender seemed to have an accent when you talk to them over the phone and if they send you an email try to verify the email ( if the email is written unofficially, is it grammatically correct or not) if you find these things in flaws yet they tell you they have an office overseas then this is a huge red flag.

  6. Low Rate of Interest Interest Rates on loan always impact your installment amount and sometimes it also affects the length of your repayment period. You should research well about the rate of interest charged on personal loans in the market before applying anywhere for the loan.

  7. Hidden Charges or Fees Before availing personal loans read the terms and conditions properly. See carefully that no hidden charges or extra fees are charged by the lender.

  8. Avoid Falling for Fancy Offers Scammers attract the borrowers from the fancy offers like they will be charging a low rate of interest, no need to pay interest amount for two months, etc. And due to these fancy offers borrowers sometimes get attracted and become the victim of personal loan frauds.

  9. Forcing to Get Loan Insurance A short term personal loan will almost never need this extra insurance. Lenders who ask that this insurance is mandatory or standard practice should be looked at with scrutiny.If a lender pressures you into buying insurance or other related products you really feel like you don’t need, then don’t be afraid to walk away.

  10. Advice Keep your eyes and ears open while applying or doing research about loans and trust the genuine loan providers.

  11. Thank you! Reach Us Address: 5579-B Chamblee Dunwoody Road #219 Atlanta, Ga 30338 Call: 1 877-755-2103 Website: https://yourownfunding.com/

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