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Published On: Thu, Jan 12th, 2017

Ensuring Safe and Secure Transactions for Online Personal Loans

It is now really easy to secure personal loans like never before. There are hundreds of lenders who offer ready money online that can be availed without assigning any reasons for taking it. Simply log on to the website of the lender and submit an online application and see how fast, by the turn of the day, the money gets credited to your account.

The arrangement was already there, but making it online has made a huge difference. Personal loans are of the type that has to be made available almost as soon as you envisage the need. Online loans can just do that and is the reason why it is in great demand. However, there are some concerns about the online arrangement that borrowers have to be careful about. It should not happen that in pursuit of getting quick money you become a victim of theft or fraud.

The risks that borrowers face

  • High interest rate – The first and foremost risk for borrowers is that there are predatory lenders who prey on the urgent needs of borrowers and burden them with steep interest on lending. Most personal loans arise from unforeseen circumstances and do not give enough time to plan for finances. Running against time make lenders desperate as their prime attention is to get money immediately. Unscrupulous lenders take advantage of this situation and provide money by charging abnormally high interest for online personal loans which might be as high as 400 percent or even higher.
  • Identity theft – Online loans are applied and processed online that requires borrowers to share their personal information like name, address, social security number, bank account number etc with lenders.  Hackers often burgle online systems and access such information that can be harmful for borrowers.
  • Avoid scams – Scamsters are abundant in the field of online lending. They take advantage of the urgency of borrowers and dupe them by obtaining personal and sensitive information over e mail.
  • Hidden fees – Borrowers often forget to read the fine print of lending conditions that might have some hidden fees tucked inside. This can be too much of a burden for them.

photo/Revisorweb

Look for lenders that offer security

Despite being pressed hard for quick money you should look for lenders with whom you are assured of safe and secure online transaction. Check for some important security features that should be built into the system.

Check the credentials and legal entity of lenders. They should be licensed and have a valid address that should be verified before entering into a deal. A prior research of lenders will give more insight about their worthiness.

Check for lenders with e certified privacy certificate. Possessing the certificate is a sign of reliability about the security systems for online transaction by the lender in that they have incorporated the necessary safety measures to protect the information of borrowers.

Lastly, make sure that the lender adheres to SSL encryption which is considered to be the safest methods of online transactions. It ensures that the confidentiality of your personal information is maintained.

Author bio – Susan Edwards has a degree in business management with specialization in finance. Considered an expert in finance for both business and individuals, she lends light to borrowers about various facets of online personal loans. As a passionate blogger, she uses her writing skills to make people aware about the nuances of personal loans as well as business loans.

 

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