9 Ways to find if a Loan Company is Authentic

It can be confusing sometimes to determine the authenticity of a loan company. It is always right to do more than a double check before signing any contract with them. It may seem like a difficult task however you know what they say its better not be safe than sorry. For you to be in this situation, you must either be new to loans or you intend to change your current loan company for some reason. Loan company owners have been in business for long and it does not mean that the older the company the secure it is. May be one day it gets bankrupt or evening over charges the interest. All types of problems can emerge when dealing with an unauthentic financial company. To be on the safer side you better find out how to determine if it is registered and secure for your transactions.

It rewards to be vigilant and with a healthy mind to seek the official credentials of a company before sharing your personal and private information with them. There are several ways of how to check the legitimacy before making your decision;


  • 1

    First ensure that you check for concrete details such as the location where their offices are or the physical address. Then check on their website for any contact numbers and call to find out who answers. If the call is not answered, then that shows that it is an anonymous call centre. This should be a warning sign that there is a probability of the company been illegal. Check on the same website the physical address and clarify if that is where their offices are. If they are registered to that address, the better it is.

  • 2

    Check for online forums where the company is mentioned to find out their publicity. A customer complaining shows that they may be illegal or their services are below the customer expectations. Using a popular search engine like Google can help you find this information. It might not be always true what others write or talk about the company but you are new to the company and the information will guide on your decision.

  • 3

    Use the authorities’ online domains and libraries to check out for authenticity. The central banking system database has the authenticated companies licensed to conduct financial services. If they are not in that database, avoid them.

  • 4

    Huge number of companies are online especially those dealing with payday loans. Check their website in details. The use of English on the website has to be good. If there are frequent grammar errors, the company is not legit or does not qualify to be trusted. If they list any testimonials from their customers, check keenly to determine whether they sound genuine or like an advertisement/spammy. Check for privacy policy where the company should state a brief history about themselves, ethics, mission and even some have financial statements public. Look for the company’s confidentiality in securing your financial information like passwords. Generally high standard of security should be present. A padlock symbol must be present at the start of the URL bar. The symbol is followed by a https://.... before the URL of the website. This secures payment transactions made via the card. Finally use your instincts correctly. If you don’t feel secure at all just walk away and search for another.

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