If you’re struggling to make the monthly payments on your payday loans, one of the things that could help you is to apply for a payday consolidation loan. This type of program will combine all of your debts into one, so, it’ll be easier for you to remember and make the payments on time. But, this industry is full of scammers, which is why you need to know how to avoid being scammed. Here are five ways that you can tell that someone is trying to scam you:
1. Be Careful About Lead Generators
You must be extra careful with lead generators. These organizations won’t provide you with consolidation, instead, they’ll use online advertising to gather your info and then sell it to the company that offers the most money. In most cases, they’ll advertise themselves as a company, but, they’re really a referral service. This is why you should always talk to the consolidation representative by yourself, rather than allowing the lead generators to do it for you.
2. Bad Ratings on BBB
Another thing that you could check out is the ratings on the BBB – Better Business Bureau. Of course, not every company will have clean records, especially when looking for a company in the consolidation industry. Nonetheless, you should see whether or not the organization responds and tries to solve the problematic reviews. If they don’t care about responding to their reviews or if too many people reported it as a scam, you might want to opt for a different firm.
3. Connections to Tribes
You would be surprised by what people think of doing just so they could scam one, so, if you see the company mentioned Native American or Indian tribes, you can immediately start looking for a different firm. If you notice something like this, you should Google the address they provided and if it turns out that it’s on Tribal Land, move on to the next option. These scammers frequently used tribal immunity to work outside the law, which is why you should never work with them.
4. Reviews, Reviews, Reviews
Let’s say that you’re planning on purchasing a car. You would browse the net to see what your options are, you would take it out on a test drive, and you would probably read what the reviews people left. The same goes for choosing a consolidation company – you must read the reviews. Luckily, there are various websites that provide in-depth reviews, such as Credit9 Reviews, so, ensure that you always read them before choosing a company.
5. If You Cannot Find Their Business Records
If you googled a particular organization and there are no records that you can browse through, it’s most likely a scam. Any company that is legit will have no problems with providing their real address, so don’t fall for this. Also, if there are no contact details or customer support on their official website, you shouldn’t work with them. You should remember, legit firms won’t have problems providing details to their potential clients.
There is a wide range of payday consolidation loan scams that you should be extra careful about. From people trying to gather your information to them having some really bad reviews, all of the aforementioned things are telltales that someone is trying to scam you. So, now that you know what you need to be careful about, you can easily start searching for a legit company that’ll help you with the consolidation loan you require.