The Curry Macfarlane Group's tips on avoiding payday loan fraud
In this article we are going to look at a few of the Curry Macfarlane Groups tips to avoid getting involved in payday loan fraud. Have you ever received phone calls from random people telling you that your loans are overdue and that you need to make an immediate payment or charges will be filed? Ever since the stock market crash of 2008 and the global economic slowdown that followed a lot of people are in a lot of debt and these phone calls usually hit the mark. Unfortunately, most of the time they are scams designed specifically to extract money from people. It is very important for you to not fall prey to any of these scams though since you are already tight on funds and just can't afford such mistakes. Here are a few tips to help you ensure such things don't happen to you.
The first thing you need to understand is that no loan company is allowed to threaten you. If you feel like you are being threatened even for a legitimate loan you can file a complaint against the company. There are strict guidelines in place when it comes to loan recovery and these companies have to follow these rules or pay the price.
But when it comes to payday loans, the case is completely different. Why? Well, the people that borrow from payday lenders are usually those that can't get regular loans because of poor credit history or a shortage of time. Whatever your reason is for going to a payday lender, you should know that even though they aren't bound by the guidelines that banks and financial institutions follow they can't harass you. Most of them agree to give you a loan against your next paycheck. The money from that paycheck is usually deducted by them right away. There really is no reason for them to call you and trouble you in between. The terms are pretty simple and you should make it expressly clear to them that the only way you will be able to repay the payday loan is with your next paycheck.
There are many reasons why you may need a payday loan and sometimes the reasons are quite compelling. So while I will not advise you against taking such loans what I will say is that you should be careful not to become a part of a scam. You wouldn't want to lose more of your hard earned money now would you?
