Articles
How to ensure a safe personal loan?
The online media for applying for loans is becoming increasingly popular these days. Being time saving and convenient, it's preferred by most of the borrowers. Nobody likes visiting the bank manager in persona to apply for a loan. But, one must ensure that s/he is applying to the right lender and not to a loan shark. Loan sharks are unlicensed lenders who take advantage of those who are rejected elsewhere or are suffering from extreme bad credit. These lenders usually prey on vulnerable people like the unemployed, lone parents, bad credit holders, etc.
So, whenever you apply for personal loans, make sure that the online lender you are dealing with is registered with OFT (Office of Fair Trading) and regulated by FISA (Finance Industry Standard association). Loan sharks are not licensed and therefore they operate outside the law. These unlicensed moneylenders charge very high interest rates and use violence and threat if the borrower is unable to repay the loan.
Personal loans should be taken with great care and caution. The loan agreement should be read carefully before signing and if needed, professional help from a financial consultant should be taken. An unlicensed lender otherwise may make you life hell. He does the following:
So, before you apply for personal loans, search the public register to see if a lender is OFT licensed or not. To do this, you can call at 020 7211 8608 between 9.30am and 4pm Monday to Friday. You can also take advice from Citizens Advice Bureau (CAB), National Debtline and Consumer Credit Counselling Services (CCCS) for free help and guidance in case of personal loans.
Find more information about personal loan-
How to ensure a safe personal loan?
The online media for applying for loans is becoming increasingly popular these days. Being time saving and convenient, it's preferred by most of the borrowers. Nobody likes visiting the bank manager in persona to apply for a loan. But, one must ensure that s/he is applying to the right lender and not to a loan shark. Loan sharks are unlicensed lenders who take advantage of those who are rejected elsewhere or are suffering from extreme bad credit. These lenders usually prey on vulnerable people like the unemployed, lone parents, bad credit holders, etc.
So, whenever you apply for personal loans, make sure that the online lender you are dealing with is registered with OFT (Office of Fair Trading) and regulated by FISA (Finance Industry Standard association). Loan sharks are not licensed and therefore they operate outside the law. These unlicensed moneylenders charge very high interest rates and use violence and threat if the borrower is unable to repay the loan.
Personal loans should be taken with great care and caution. The loan agreement should be read carefully before signing and if needed, professional help from a financial consultant should be taken. An unlicensed lender otherwise may make you life hell. He does the following:
- Grant you personal loans on very expensive rates
- Harasses you if you fall behind your repayments
- Pressurises you to borrow more from them to repay your existing debts
So, before you apply for personal loans, search the public register to see if a lender is OFT licensed or not. To do this, you can call at 020 7211 8608 between 9.30am and 4pm Monday to Friday. You can also take advice from Citizens Advice Bureau (CAB), National Debtline and Consumer Credit Counselling Services (CCCS) for free help and guidance in case of personal loans.
Find more information about personal loan-
- Personal loans: personal financial solution for your personal needs
- Personal loans: monetary independence within your grasp
