Keeping up to date on the latest payday loan scams is easy with the official "Scam Alert" service from the U.S. government.
The scam alert service, which is available online through the
www.usa.gov website, offers information on the latest scams related to
payday, title, and signature loans.
Alerts featured on the website are usually schemes with larger public interest, which means there is a wider possibility of being affected by the featured scams.
Many of these scams come to the website and the alert system through Better Business Bureaus across the nation, as consumers make complaints first to them.
Another common source for the alerts is The Internet Crime Complaint Center, which gets complaints related to online payday lending scams.
These online payday lending scams often include phone fraud of different types, with the caller purporting to be a representative of the FBI, Federal Legislative Department, a law firm, or other legitimate agencies.
It is a good idea to keep an eye on the scam alert page before you decide on using a payday lending agency, especially if you get a loan offer that sound suspicious or too good to be true.
In addition to the payday advance scam alert from USA.GOV, there are a various other ways to make sure that you are dealing with a legitimate payday lender.
For example, in most states the payday loan provider has to be licensed, so you should always check that you are dealing with a licensed lending entity in your state.
Another way to deal with more reputable companies is to use companies that are members in the nationally recognized payday loan industry associations, such as the Community Financial Services Association of America (CFSA) in the United States and the Canadian Payday Loan Association (CPLA) in Canada.
Cash advances should be used for short-term financial needs only, not as a long-term financial solution.
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