The Dangers of Online Loans
The Danger of Online Loans
Your Loan Options
In life, stuff happens; stuff like flat tires, sick animals, broken windows or just making the bills. These issues are often times unavoidable and inconvenient when you don’t have extra cash. Fortunately, most of these problems can be resolved with a quick loan. When deciding to get a loan in the twenty-first century, you have quite a few choices. As you may have seen, there are multiple websites and brick and mortar locations advertising loans with great interest rates. But how do you choose where to go?
Most people find it most convenient to go online and apply for a loan from the comfort of their home or office. Although seemingly convenient, online loans are dangerous when it comes to identity theft and hidden charges. Many online loan companies will use your credit information with other third party loan firms without your knowledge. A survey was taken and found the following results “almost 40 percent said their personal information was sold to a third party without their knowledge. Nearly one-third had an unauthorized withdrawal from their account.”(Ladika. 2015)
One women claimed that a debit collector was going to call the local sheriff office if she did not pay off her loan that day. Jay Speer, executive director of the Virginia Poverty Law Center, says the “absolutely the worst thing you can do is apply for an online payday loan.” (Ladika.2015) So, what other choices do you have for quick and easy loans?
Collateral Loans at Brick & Mortar Stores
There are other options when it comes to getting loans though. Your basic brick and mortar locations can be a lot more satisfying. Though you may still have debt collectors trying to hassle you about paying of your debit, you will not need to worry about a third party company using your information and charging you. When going into a physical location to get a loan the process its self is safer, you do not need to check if the “URL” is secure or if you are clicking on the right contract. When getting a loan at a brick and mortar location you can see the actual contract and can have the loaner explain the conditions of the contract. Next time you need a loan for whatever reason consider the previous information.
Ladika, Susan. “Dangers of applying for an online payday loan.” www.creditcards.com, 17 Feb. 2015. Accessed 2 July 2017.