“The best loan for everyone. Without proof of income and no guarantor. Earn money today! ”How not to fly fraudulent loans? We bring 7 hints that may save your roof over your head.
1. Do not borrow if you do not
Think about whether you really need a loan and it costs you all the extra fees. What do you use it for? To pay tuition or nicer gifts to your child’s birthday? In general, the thing should be worthwhile for you even when you repay the loan. If this is possible, you may want to save money or reduce other expenses to get it without a loan.
2. Don’t trust the flyers you find at every step
A reputable provider has its offer in legal places – for example, in a national newspaper or on a public area for public transport. But if you find a flyer offering a loan that can’t be stuck on a pole, beware. Especially if it contains very little contact information (eg just a phone number) and it is not clear which company actually offers the loan.
3. Learn about the company
Of course, the most secure is a loan from established banks. However, if you do not want them or you cannot take them, some of the non-bank companies come into play. Always find out more about it. Of course, every reputable company should have an existing website with all the important information about the offer and all contacts. It should also be listed in the Commercial Register – preferably for more than a few months. You can also search for other people’s references in various discussion forums. If the Internet does not offer enough information about the company, beware.
4. Do not call premium numbers
Although the law in force since February 2013 prohibits the offering of consumer loans through toll lines, some companies violate it. Avoid overpriced lines with the 900 prefix by avoiding an arc. Unfortunately, some moneylenders bypass the law quite cunningly. If you are interested in a loan, they will call a classic mobile number, but they will often be redirected to a toll-free line with a prefix that usually costs 95, – CZK per minute. And because the operators are deliberately prolonging the call, billing the phone can make you faint. On the other hand, a reputable non-bank company offers a green info line (you can recognize it according to the 800 prefix), where you will be happy and free of charge.
5. Beware of suspicious fees
Processing fees (negotiation, settlement) are common to most banks and non-banks. But the amount of solid companies is torn down after the loan. So be careful if the provider asks for an unreasonably high sum of money in advance, without any confirmation. Always have your proof of payment issued. If you run into a cheater, it might not help you, but it’s better to have something in your hand. At the same time, never pay nonsense fees in advance – for example, for gasoline on your way to you. This already smells of fraud.
6. Read the agreement carefully
Do not sign what you do not understand. Read the agreement properly, including all terms and conditions. Mainly focus on interest rates, repayment terms, and especially how much you actually pay for a loan (including all fees and interest). Read passages written in fine print can hide tricky restrictions. If you don’t understand something, have it explained. A solid advisor should be happy to answer all your questions. If you do not want to do so, do not commit to anything and consult with an independent financial adviser. Or find a more reliable provider right away.
7. Compare multiple bids
Although you need money as soon as possible, never accept the first bid you encounter. Especially with a larger loan, you should pay due attention to your choice. If you don’t know each company’s offers, try the online loan grader. In a few minutes it will compare the offers of banks and reliable non-banking companies free of charge. In addition, you can safely apply for a selected loan online within minutes and receive money within a few days.