Loans are business entered into by licensed money lenders singapore. Not all lending companies act on good faith and a high degree of caution needs to be exercised by a borrower. Now that lending is a big business, lenders often search around for potential clients. Now a middleman often work behind the scenes by looking for and gathering information from potential clients. The information gathered, once complete, is being used by these middlemen and sold to lenders who buy detailed information about an individual. These middlemen men are referred to as “Loan Aggregators”.
These loan aggregators may often use unconventional (or even unlawful) ways of gathering information. That is why when browsing through online for a potential lender, try to avoid transacting with them online.
Always have that extra step of making a call or visiting the office of the lending company.
Sharing your personal information online can bring you problems later. Here are a few details you may need to keep in mind when using online means in applying for payday loans.
- Loan aggregators may use keylogging software that may capture your information even if you do not submit your application. In these cases, make sure you visit a legit website and make sure that you have researched about this specific institution.
- Always make sure that you know who you are dealing with. When information is requested, make sure that your connection is secured. If possible, make sure that information is transferred by visiting the lender in person.
- Avoid accommodating email requests sent to your inbox requesting for personal information. If needed, try getting in touch with the company by manually typing their email address. Avoid links as this may be a form of phishing information.
- Do not click ads that you see on a website. If needed, go to the company’s website and search for the ad manually. Advertisements on sites can be a form of information gathering.
- When you already have an ongoing loan and you see charges in your statement that you don’t recognize, raise a dispute immediately. This is important especially with credit card or forms of loan that grant an individual credit.