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Cash Advance Lenders, Mortgage Companies and Banks: They Are All Subject To Scams

I wish I could say that direct cash advance lenders are the only scams created by impostors. When it comes to money, there is plenty of opportunity for scam artists to attempt deception. With all of the troubles with people losing their homes, there are many current refinancing scams ready to prey on unsuspecting and vulnerable customers. Consumers have to be careful with any type of business, especially ones that make the initial contact.

Don’t assume cash advance lenders are predators; the majority are real honest lenders.

An impostor may present themselves as a government program. Remaking websites and formatting contact letters are how they present themselves as supposed official programs.  Some of these programs will contact people via e-mail, flyer, direct mail or even a phone call. Fictitious bankers may send official looking letters while cash advance lenders online may use emails.

It’s quite impressive how little information is needed for them to begin the process of taking advantage of vulnerable people. Call the company direct and find out more about whatever correspondence you received.

If you ever receive letters which inform you to begin making payments to a new company rather than you current lender, it would be a good idea to contact the lender directly and confirm the changes. Even if you receive the information over the phone, don’t assume that the person on the other end is legit. So what should you do?

  • Never give out personal information over the phone. This includes banking information or account numbers.
  • Always take the name (and work id number if they have one). Ask for their extension and call them back. Any real person would not avoid a call back.
  • Discuss any email or direct lender with your original money source. If you follow the number located on that paper, you may be calling an impostor company.
  • Don’t get caught up in having to make decisions right then. These folks may be persuasive in pressuring you into believing their story, but it is that pressure which should present itself as a warning.

Once you give your information to a scam artist, your financial world will be in a whirl wind. Take some time and find out what the change is about. If there is a financial adviser or a certain manager in which you normally do business with, make a phone call directly to their extension. As family, friends or co-workers if anyone has heard about these types of changes. Be on the lookout when it comes to personal or financial information.

  • Letters which look official but have different contact information.
  • Any letter which came as initial contact, meaning that you didn’t call and ask for information or changes to be made.
  • If you received information about loans and you never requested or inquired about a loan from your bank, broker or any direct cash advance lenders then chances are that it isn’t legit.

Know who you are talking to, why you are talking to them and feel free to double check their credentials. These fictitious companies are preying on the fact that you are in a desperate financial situation. New mortgage payments, change in collectors or basic online cash advance lenders looking for a fast money transaction, don’t let pressure convince you to make changes before checking them out properly.

About Holly Petherbridge

I am a Blogger, Web Content Writer, Teacher, Mom. A woman of many hats. As an elementary teacher, I had always encouraged my students to write more. I find myself falling back on my own teaching techniques to share what I know about building and rebuilding personal finances.
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