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Stay Away from Scam Finance Companies

24/04/2016 11:32:08

It is a sad fact of our life that there will always be individuals who'll try to rip-off others. Hence, it has become very crucial for you to stay safe on the web and understand how to spot scam finance companies.
 
See if the company is regulated by FSA prior to applying for the loan. This means that they have a practice code which they must stick to, & that they are trustworthy company instead of a pop-up finance provider.
 
Avoid giving your bank information to a company whilst filling your application form. After you have actually applied for your finance and communicated with a broker or lender, somebody will be required to see the bank statement in order to verify your income, however you must never provide such info to the firm you're yet to speak to. If they are not regulated by the FSA, you must also avoid handing off these details. Keep track of the information you have sent, so that in case you become a victim of the fraud, you will be able to show your bank where you've sent the details.
 
Information like how long you've had bank account, direct debits and wage payment details aren't essential in a normal application form. This info might be used for an identity fraud & will hardly be required in a basic application. A broker or lender will carry out credit check while you are applying for the loan, and this will offer them all the information they require. You may need to offer some additional info such as for how much time you have been in your job and income and address proof, however a trustworthy company is likely to discuss this along with you. Also, they'll be ready to discuss the data protection policy with you.
 
Never tell anybody info such as your PIN number or other passwords that are used to log in to your bank account or that your bank uses for identification.
 
Know that, getting a finance or loan can be a huge commitment. A company which makes the process too easy might be a scam. You must check the terms & conditions, discuss the repayment and also have enough time to consider the deal prior to saying yes.