Online loan scams are a real risk in the Philippines. It is vital to realize a way to identify them and to only borrow money from valid organizations. We will tell you how to find out whether the company is legit. As an example we will find out is cash express legit or not?
Cash Express is a registered lending company in the Philippines. The company has a website with a valid security certificate and is a Philippine Chamber of Commerce and Industry (PCCI) member. Cash Express also has a customer support team that can answer questions about their loan products, terms and conditions, and fees.
What are loan scams?
Loan scams are ways in which scammers or fraudsters trick people into giving them money or personal information with the promise of a loan that doesn’t even exist. Online loan scams are commonly done through platforms like websites, social media (this includes messaging apps like Viber, FB Messenger, etc.), and e-mail.
Advance-fee scam
In this type of scam, the scammer will promise to give you a loan if you pay them an upfront fee. However, once you pay the fee, you will never receive the loan and you will be unable to contact the scammer again.
Phishing scam
In this type of scam, the scammer will send you an email or text message that appears to be from a legitimate lender. The email or text message will contain a link that, when clicked, will take you to a fake website that looks like the lender’s website. Once you enter your personal information on the fake website, the scammer will steal it and use it to commit identity theft.
Debt relief scam
In this type of scam, the scammer will promise to help you get out of debt by negotiating with your creditors on your behalf. However, the scammer will not actually help you get out of debt and they will charge you a large upfront fee.
Fake lender scam
In this type of scam, the scammer will create a fake lending company and then advertise their services online. They will promise to give you a loan, but once you apply for the loan, they will steal your personal information and then use it to commit identity theft.
Things you should be alerted
Here are a few signs and symptoms that a loan organization can be a rip-off:
The organization isn’t always registered with the SEC. You can take a look at an employer’s registration status on the SEC’s internet site.
The company’s internet site is poorly designed or consists of grammatical errors.
The agency’s touch facts are incomplete or hard to find.
The company offers loans with very low hobby rates or no upfront costs, however, the phrases and situations of the loan are unclear or suspicious.
The employer requires debtors to pay a processing fee or deposit before receiving their loan, but the terms and situations of the loan do no longer kingdom how the cash may be refunded if the loan is not accredited.
The corporation disburses loans in the shape of present cards or vouchers.
The company contacts debtors by way of cellphone, e-mail, or text message with unsolicited loan gives, and the caller or sender is unable to provide basic information about the organization, such as its name, deal with, and contact range.
The enterprise asks debtors to offer private facts, consisting of their financial institution account quantity or Social safety variety, earlier than approving their loan, without explaining why this fact is wanted.
How to check whether the company is legit
Here are some steps you can take to check the legitimacy of a lending company:
Check the agency’s registration with the SEC. You may try this at the SEC’s website.
Read evaluations from different borrowers. You could locate critiques on websites such as Google Opinions, Trustpilot, and the Better Enterprise Bureau.
Touch the organization to invite questions. If the organization is valid, they ought to be glad to reply to your questions about their loan merchandise, terms and situations, and fees.
Instance: coins explicit
Cash Express is a registered lending enterprise in the Philippines. The agency has a website with a valid safety certificate and is a member of the Philippine Chamber of Trade and Enterprise (p.C.). Coins Explicit additionally has a customer support branch that may solution questions about their loan products, terms and conditions, and prices.
Based totally on the above information, Cash Express seems to be a valid lending employer. But, it’s miles always vital to do your very own studies before borrowing cash from any organization.
Extra recommendations for heading off loan scams
Be wary of unsolicited loan gives. If you receive a suggestion for a loan from a business enterprise you probably did not touch, it is possibly a scam.
Do now not pay any in-advance charges or deposits earlier than receiving your loan. Legitimate creditors will not require you to pay any cash prematurely.
Be careful approximately imparting your private records to loan organizations. Most effective provide your private data to corporations that you are sure are legitimate.
In case you assume you are a victim of a loan scam, you have to file it to the SEC right now. You can also record a criticism with the country-wide Bureau of Investigation (NBI).
It is critical to be vigilant when borrowing money from online lenders. With the aid of following the recommendations in this newsletter, you could help to protect yourself from loan scams.
Few additional guidelines for choosing a legit lending corporation:
Consider the agency’s popularity. Examine critiques from other debtors and perform a few studies online to assess if the business enterprise has any complaints.
Evaluate the corporation’s loan merchandise and terms and situations. Make certain that you understand the hobby quotes, fees, and repayment phrases before you borrow money.
Ask approximately the employer’s licensing and regulatory fame. Ensure that the agency is registered with the SEC and that it complies with all applicable legal guidelines and rules.
