Have you received a phone call and a terrifying voice with an accent on the other end tells you that you are indebted to them and need to pay up? Have they lead you to believe that you have in recent times taken a payday loan and it is due or else you face legal action or possible arrest? Numerous customers have experienced this situation in recent times due to payday loan scam artists posing to be lending companies. This articles aims to help you identify such payday loan scams.
Payday loan scams come in different forms. However, there are common features to recognize these scams and as a result help you avoid being defrauded. A payday loan scam will often begin when a consumer begins to enquire about a payday loan or other short-term credit either online or over the phone. The customer may use a phone number or website that is not linked with a genuine lender and irrespective of whether the customer takes a loan or not, he or she may receive a phone call later demanding they pay a certain amount of money. Since customers of payday loans are often caught up in a compromising situation, they may fall victim of such demands.
Even for customers with no unpaid debt, payday loan scam artists threaten and convince them in a way that they may even wonder if someone took a loan using their identity. Cases where customers certainly do not have an unpaid debt, the payday loan scam artists will claim that they owe much more in charges and interest amounts than he /she actually does. In some cases, the customer may be late on payments but even so the scam artists are not at liberty to demand the debt amount. Regardless of the condition the customer is in, an expert payday loan scam artist convince customers to pay valuable amounts to clear the so called debt.
Another distinguishing element would be that they will often request payment via credit or debit cards or through web transfer. Some will even provide you with your own details like name, address, social security number and work information to create a degree of uncertainty in your mind. It could be rather alarming that someone is privy to very sensitive and personal information but always remember to investigate any telephone requests for unpaid balances and not to remit any payments to these payday loan scams if not fully aware of their credibility.