– PERSONAL LOAN COMPLAINTS –

Personal Loan Complaints
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Personal Loan Complaints

Avoid The Shady Online Lenders! Personal loans are the now the fastest growing consumer debt category, according to new data from credit bureau TransUnion. Outstanding personal loan balances now stand at $120 billion. Anytime you have one debt category labeled as the “fastest growing,” there is concern for potential default by consumers. WATCH OUT FOR RED FLAGS Up-front fees: reputable lenders don’t take fees up front. The “advance-fee scam” is commonly used by thieves, who explain that you need to pay a fee for them to process your application. Guaranteed approval: lenders are not in business to lose money, so they can’t guarantee that they’ll lend to anybody. Some lenders are willing to take more risk than others, but they still need to know something about your finances and take sensible risks. Request for funds by wire or Western Union: if you are applying for a loan, you’re trying to get money—so why do you need to send money? Unprofessional sales and service: banks aren’t known for their warm and fuzzy interaction, but you don’t get the sense that you’re dealing with a fly-by-night operation. The name game: first impressions are important, and scammers with nothing real to offer choose official-sounding names (or confusing names).
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