WHAT TO KNOW ABOUT PAYDAY LOAN ROBBERY

A payday loan is a loan that one collects at a reliable source to finance his or her various needs. There are a lot of payday loan companies which offer the best of services and they are known for a quick delivery of the loan demanded at the specified time.

This is a great feat and it is highly commendable and so to say, there are many payday loan services which we can call lifesavers for these people actually aim to assist a person get out of a difficult financial situation. But this is to also say, there are bad ones which are only set up to swindle you out the remaining money you are hoping for survival and as such, it is advisable to be aware of their tactics and avoid them.

 

To prove this fact; in the year 2013, the Better Business Bureau (BBB) informed the public about the harm associated with the use of the internet for ecash loans, short-term high rate loans, cash advance loans, check advance loans, payday loans and a host of many other loan orders, about the risks associated with giving an upfront payment loan to swindlers who pretend to be loaners.

 

These people who are making the payday services look bad, only aim to get a person’s money and go away with it without giving the person what he or she had demanded. These people have no consideration for the welfare of the person who they engage in and they are fraudulent most of the time. They are mostly found on the internet where they pose to be a good representative of a made-up company or sometimes they impersonate the staffs of good reputable loan companies and then they deceive their victim into paying upfront first before the loan is sent.

 


After the victim has paid the money, what they do is to send fake details for the person to think they are actually who they seem to be and after that is done they can change their phone sim card destroy it to avoid contact with their victim, after which the victim has paid the money into the account the person was ordered to pay.

In 2007, in the USA, a man related to a sad condition he faced when he was swindled of his upfront loan. He was said to be doing some consulting work for a well-known organization. He said he was in a situation where he had spent all his money due to the instability of his income flow in the country as of that time. Then one day as he was browsing on his computer, he saw an advert of payday Loan Company and then he clicked on the link, the link took him to a well-organized website which was built for loan purposes. He saw a number on the page indicating he call for inquiries and he did.

Then after a series of conversation with the receiver, he was advised on how to apply for the loan he needed on the page and he did, all seemed authentic and it was processed well. After he had submitted his details he was then asked to pay an upfront payment of what he wanted as a loan, he objected to this but was advised that his order would not be processed if he didn’t do as he was asked. Then after a series of deliberations, he paid in the money and was asked to check back on his page for order progression.

After the time he had been given had elapsed, he checked on the page but it wasn’t opening anymore and then he tried on his cell, but the number had been switched off, and then he realized the people he had interacted with were not people who were genuine and they had taken away his last money. From then on, he learned that not all sources of loaners on the internet can be trusted. Today he is a strong advocator for the fight against internet fraudsters and swindlers.


Some people still believe that everything they see on the internet can be trusted and sad to say many people still fall a victim for the hoax of these irresponsible people. It is necessary for one to, first of all, evaluate his or her financial status and make a list of all the things the person which to do on his monthly or weekly budget, so as to avoid overspending and go broke. Although it is a good idea to go for loans from these reputable loan lifesavers still, it is still more trustworthy and safe to first ask for assistance from friends and family before seeking the aid of the loan services.

Another good advice if one needs to avoid the internet swindlers in his or her desperate attempts for money is to build upon his or her cryptocurrency; like the bitcoin, dogecoin, and other internet money. This internet money assists greatly especially to a person who doesn't have physical on-hand cash, the ecash can be sold to get a physical money which could assist one greatly in the times of needs, they are also known as an instant cash transfer.

It is necessary for one to note that the amount of money one may seemingly possess could be a determinant for the amount of ecash loan a person may also receive. The reason for this is that there are many firms which demand that a loaner gets the same amount of money which would be paid back to the lender.

This factor could be at a disadvantage for the loaner because the higher the amount of money lent the more money you are likely to pay back. If you wish to go for a payday loan and you are onto the right source it is advisable you take as much as you can pay back, otherwise, you would end up in a big debt, if you are unable to pay back before the stated time. This could also be further worsened if the lender demands an interest on payback and so, it is vital for one to choose the right amount of money for his or her needs.

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Need financial Assistance For Business? Follow These Important Steps.


It is very crucial for small businesses to acquire sufficient funding in order to kick-start their market, create a long lasting and reliable clientele and to be financially strong enough to manage any kind of economic crisis that may emerge in the future. Your requirement for managing finances for your small business generally fits into different categories. It is you as well as the money lender who decides what kind of loan you need and should get to sail through this tough period. One thing that needs your attention here is the fact that it is not necessary that your company will surely get the financial assistance that it needs. Depending on the company's profile and securities offered, the lender would draft if there is any potential profit for him or her in this investment.

The first thing, as a new or experienced business owner, that you must understand is that your company is going to experience two main phases- the smooth sailing one and the challenging one. In addition to this, another fact that you must register in your mind is that no matter how much hard work or dedication you put in, you might not be able to divert some of the challenges that would be directly or indirectly related to financial issues. Luck and adequate strategies might work sometimes but there are going to be several failures as well in your share. Factors like a recession, increasing competition, and demand, hiked prices, and others are bound to have a severe impact on your business. It would be always ideal to stay vigilant all the time and do long-term planning while creating your workflows for every department.

Where to avoid taking financial assistance

Before we take a look at different ways of approaching finance institutions for assistance, let us first quickly go through certain examples where you must completely avoid taking any sort of loan for your small struggling business.

Banks and other credit companies: One thing that you must register in your mind right away is that if your small business is struggling currently, then it would not be a good idea to reach out a credit union or bank for financial help. In fact, it is expected that they would not like to invest in your venture during such scenarios. The main reason behind this is that most of the banks are generally unwilling to support any kind of small business despite their financial health. Not only would this, even if some financial institution of this category approves your loan request, there either ensure to charge huge interest rate or ask major asset as security. So, if you wish to not put all these securities at stake, it is ideal to not approach a bank to resolve this crisis.

How to approach for financial assistance

So, if by chance you seem to be getting stuck in a situation where you realize that it's time to reach out to someone in order to pool in some money for your business, then here we have your concern catered. Find below some of the steps that you should follow before asking for a loan from any financial assistance for your company's benefit.

  • Draft a business profile: The first thing that you need to do in this case is preparing a written profile about your company. It should give detailed information on the niche or market it is a part of, what and who are the target audience, what is the competition level, different layers of marketing strategies and monetary goals. In addition to these significant details, you must also ensure to include information on the number of employees working in your team, who all are the suppliers for you in the market and what are the major hurdles that your business is facing at the moment.

 

  • Fix an appointment: The second step is to fix your appointment with the organization that you are approaching for financial assistance. You need to ensure that you inquire what all loan alternatives and programs they offer for businessmen like you in these scenarios and go ahead with the plan that suits you the best in every possible way.

 

  • Reach out to federal agencies: Next is that you need to contact the federal agencies that function in the same industry that you are a part of. You can visit their official websites on the Internet and find out the basics of their functioning and services there itself even before your first meeting. Get your homework done correctly.

 

  • Manage securities against loans: This is a very crucial step as it involves your personal and professional belongings. Here, you need to nominate any of your securities that would work as a guarantee against the loan that you are availing from the financial institution. You can use any kind of machinery or even vehicle in this case. Remember that offering security is a must if you wish to get loans to get through this difficult financial crunch.

 

  • Security for additional credit: You also need to give your own personal guarantee while taking the loan. This is mostly the last resort in such cases but when you do not have any other alternative, this is what you will have to settle on.

Lastly, one more thing that you must make sure in such tough times is having a good credit score. These are the crucial times when one realizes why credit card reports matter. Keep all your credit records clean and try there are no discrepancies in them.

Follow these basic steps and most importantly, do not panic. Stay patient as such situations generally emerge in the majority of the businesses working in all parts of the world.