8 Definitive Signs of a Personal Loan Scam

8 Definitive Signs of a Personal Loan Scam

Anyone who wants to get a personal loan to buy a new car or something else should be aware of certain scams that exist. Becoming a victim of a loan scam could destroy your finances, which is why it’s crucial that you get as much information as possible. In this article you will learn about some of the more common personal loan scams that exist. Learning about these scams will help you protect yourself effectively.

  1. The Lender Doesn’t Require a Credit Check

If you ever encounter a lender that says they don’t run credit checks on applicants, it’s a good idea to avoid them altogether. The fact is that any reputable lender will always run credit checks on those who apply for loans. Some loans are easier to get than others with bad credit, but a vast majority of lenders will at least check out your score.

  • There is no Physical Address

Another sign that someone might be trying to scam you out of your money or information is if they have a lending “business” with no physical address. Even lenders that do business online give a physical address of some kind. Take the time to see if you can find an address for the lender you are thinking about applying for a loan with. Scammers never provide a physical address, because it makes suing them virtually impossible when you realize you have been ripped off.

  • They have a Limited Time Offer

Lenders that tell you they have a “limited time offer” for the type of loan you need probably aren’t legitimate. This is simply not the way that lenders operate, so you should keep this in mind. Disreputable lenders use this tactic to pressure people into taking loan deals that are usually not even that good. You should never make a decision like this because you feel pressured.

  • You Need to Pay Your Fees Upfront

You should avoid any lender that asks you to pay fees upfront. These people usually just want to get your money without giving you a loan in return. No reputable lender will ever ask for fees until the end of the loan period. This is one of the more common loan scams that you should be aware of when looking to borrow money.

  • Approval is Guaranteed

Never borrow from a lender that will absolutely guarantees your approval. There are a lot of lenders who will say this, but it is simply not true. You should never just assume that you are going to get approved, regardless of how good your credit is. Any lender that tells you something like this is lying.

  • Lack of Information on their Site

If you can’t seem to find a lot of information about a lender on their website, they may not be legitimate. Most reputable lenders will provide you with details about their credentials and other things. It is important that you take the time to get these details before deciding who to borrow from. You should check to make sure that a lender is not simply lying about their credentials, as this has been known to happen. The more information you get from the lender, the easier it will be to make the right decision.

  • Untraditional Payments

If the lender asks for gift cards as payment, it is almost certain that they are shady and not legitimate. Any legitimate lender will only accept payment with cash, a credit card or cheque. A lot of scammers only want gift cards because they cannot be traced. You should also avoid lenders that require borrowers to use a pre-paid debit card to submit their payment.

  • Unsecured Website

If you notice that a certain lender’s website is not secure, you should run fast and far. All reputable lenders have secure sites that use modern encryption to protect the information of those who apply for loans. Applying through an unsecured website could result in having your identity stolen. You want to know that the site you are using to fill out your loan application is completely secure. Always look for the “https” before you decide to submit an application for a loan you want.

All of these things are clear signs of a personal loan scam, and you should keep them in mind when you are trying to get your loan. While it is true that most lenders are perfectly reputable and trustworthy, there are still quite a few scammers out there. Those who have this information will be able to guard themselves against devious personal loan scams that can be very damaging. If you don’t want to have your identity stolen, you must keep all of these signs in mind. In the end you will be glad you decided to educate yourself.

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How to Save Money on Funeral Expenses

How to Save Money on Funeral Expenses

If someone you were close to recently passed away, there are numerous ways to save money on funeral expenses. A simple funeral can actually be very costly, especially if you don’t know what you are doing. This article will help you make the necessary arrangement for a deceased loved one without spending an exorbitant amount of money. If you are paying for everything out of your own pocket, these tips can be of great help.

Get help from the Government

If you are struggling to cover the cost of someone’s funeral, there are government schemes that you can turn to for financial assistance. The Social Fund can provide you with as much as £700 for burial fees. There is also the Bereavement Support Payment, which can give you up to £2,500 to help with covering the cost of your spouse’s funeral.

Go Basic

You can also choose to have a more basic funeral without flowers, a hearse and other things that can cost a lot of money. There are a number of plain caskets that are environmentally-friendly and don’t cost very much at all. While some people are hesitant to do this, it is something to consider if you are on a tight budget.

Forego Embalming

If you don’t plan on having your loved one’s body on display at the memorial service, you can choose to forego embalming. This can be a very effective way to save money on a funeral. Most people don’t even realize that this is an option, and it can help you save hundreds of pounds.

Cremation

Another good way to save money on funeral costs is to have your loved one cremated. This usually only costs a few hundred pounds, and it’s far cheaper than burying. You also won’t have to worry about choosing a casket to have your loved one buried in. This option has become very popular with people throughout the UK, and it is definitely the most economical. You will have a number of different urns to choose from.

Do it Yourself

The “do-it-yourself” approach to funerals has also become very popular, mostly because it is so much cheaper than hiring people to do everything. You can choose to have someone you know officiate the funeral/memorial service. You may also want to ask friends to bring flowers instead of spending a lot of money on them yourself. You always have the option of having the memorial service at home as opposed to in a church, which can run you a lot of money by the end. While this will require you to do some extra work, it could be worth it because of all the savings.

Look at Your Funeral Director Options

You should take the time to look into some of the different funeral directors and compare their fee. before deciding on anyone in particular. The more of this research you do, the easier it will be to save money. Not all of these professionals charge the same amount for their services, which is why you should do this research. It can be very helpful when it comes to keeping costs down for a funeral of a loved one.

Choose a Pre-Paid Funeral Plan

A pre-paid funeral plan can be a great way to get a respectable funeral for your deceased loved one without spending a lot at once. You can make instalments over a number of months until all of the fees have been completely paid off. Many funeral directors offer these plans, and it is a good idea to look into some of them. When you take the time to review these options, you should be able to find one that is right for you. One of the best things about these plans is that you can arrange everything in advance. This means that when your loved one passes away, you won’t have to worry about needing to make any decisions during your time of mourning.

Donate the Body

One final option you should consider is donating the person’s body to a medical school. This option appeals to a lot of people, as the deceased person will be used to potentially make important advances in medicine. This can help you save a ton of money on a funeral, and you will be doing something good for society at the same time.

Final Thoughts

If you are in charge of making funeral arrangements for a recently deceased loved one, it is important to keep all of these money-saving tips and options in mind. They can be very helpful with saving you money while allowing you to take care of all the necessities in this sort of situation. The fact is that a funeral doesn’t have to be extremely costly, especially if you know what your options are like.

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