As the holiday season approaches, many people need additional funds, whether for gifts, travel, or other seasonal expenses. Unfortunately, this is also a time when scammers are especially active, taking advantage of people who may be in a rush to secure quick cash. To protect yourself, it’s important to verify that you’re working with a legitimate lending company and speaking with genuine representatives of that company. Here’s a guide.
Research the lending company
One of the first steps to ensure you’re dealing with a legitimate lending company is to conduct thorough research.
- Registration. A legitimate lending company should be registered with the Securities and Exchange Commission (SEC). The SEC website has a public registry where you can confirm if the company is licensed.
- Online presence. The company should have a professional website that provides relevant information, such as their services, rates, terms, and contact details. They would have an active social media account, customer reviews, and comments that indicate the company’s credibility.
- Physical office and contact information. Legitimate companies will list a physical office address and multiple ways to contact them. Be wary of companies offering only one mode of contact, such as a single mobile number, or those refusing to provide their business address.
- Company reviews and ratings. Look for customer reviews on Google, Trustpilot, or consumer forums. While a few negative reviews are common, an overwhelming number of complaints or reports of fraud is a red flag. You can also check the company’s profile on consumer protection websites to see if any complaints have been filed against them.
Verify Key Details During Conversations
When communicating with a representative from a lending company, there are several details to verify:
- Professional communication. Official representatives will communicate professionally, using proper language and providing clear information.
- Payment or processing fees. Lenders may have processing fees, but they usually deduct them from your loan amount, rather than requiring advance payments.
- Interest rates and terms. Legitimate lenders are transparent about their interest rates, repayment terms, and other fees. If the representative avoids answering questions or becomes evasive when discussing the loan terms, this may be a red flag.
Watch out for warning signs of fraudulent activity
Be mindful of common tactics used by scammers:
- High-pressure sales tactics. Be cautious if the representative pressures you to act quickly or warns that an “exclusive offer” will expire soon. Legitimate lenders will allow you to take the time you need to make an informed decision.
- Unusual payment methods. If a supposed Globewest Finance requests payment via cryptocurrency, gift cards, or an unusual money transfer method, this is likely a scam.
- Unsolicited offers. Be wary of unsolicited loan offers, primarily through social media, SMS, or email. Only pursue loans through official channels you initiate yourself.
Report suspicious activity
If you suspect you have encountered a scam or a fraudulent representative, take the following steps:
- Contact Globewest Finance directly.
- File a complaint to the SEC or your local law enforcement agency.
- Warn others to keep scammers from having more victims.
Protect yourself!
Globewest Finance prioritizes transparency, professionalism, and security. By staying vigilant against red flags, you can protect yourself from scams and ensure you work with a trustworthy lender.
To start your safe loan application process, trust only Globewest Finance.
