IDO | How to Avoid Loan Scams – JuanHand | When you’re in the midst of a financial emergency, it’s easy to get taken in by the typical loan scams that are out there. Preying on the vulnerability of people who are in desperate need of assistance, these con artists, who pose as reputable financial institutions, pretend to be.
During these trying times, the last thing you need is to give in to a con artist and let them take advantage of you. Before providing personal information, it is extremely important to be aware of the various scams that are out there as well as how to identify a reputable lending organization.
What is an online loan scam or fraud?
In its most basic form, fraud occurs when one person intentionally misleads or deceives another by providing false or misleading information, facts, or numbers. A loan scam or fraud is when someone gives you money under false identities. The reason loan scammers give you a loan is to do one or more of the following:
- Get information that can be used to identify you or your finances, such as your bank account details, identification numbers, or credit card number.
- Get legal ownership of your property or permission to use your personal accounts.
- High interest rates and/or hidden fees
- Charge for goods or services that you won’t actually get.
How do you avoid online loan fraud?
Take the effort to make sure you’re working with a genuine company whenever you plan to partner with any online loan app. Research the following before doing business with them or submitting any personal information:
- Check for registration. Loan companies and brokers must be licensed by the Security Philippines Securities and Exchange Commission (SEC) to be able to operate in our country. For a complete list of the companies authorized by the SEC, check the SEC website. You may be dealing with a loan fraud if the company or group you are dealing with is not listed. Verifying registration is one of the first steps in weeding out scammers from honest operators.
- Contact the company office. Contacting the lender by phone is a quick and easy way to check a company’s legitimacy. Doing a fast Google search will do the trick. It is crucial that the lending institution has an established website (that does not look fishy) with verified contact information. A physical location or site office also reveals a company’s validity.
- Read the Terms and Conditions. All costs and terms of a loan should be made clear up front, and a reputable lender should never ask for any payment before approving the loan. If the information provided about the loan is unclear or doesn’t include actual numbers, you should be wary that it’s a fraud.
- Investigate customer reviews. Take the time to read the feedback posted online. The reviews left by former borrowers on review sites like Google and Yelp will shed some light on what it’s like to work with a certain financial institution.
What do I do if I get scammed?
It is critical to take immediate action if you have been the target of a scam. Here are some things you can do to lessen the blow:
- If you have made any payments using your credit card or bank account, contact the company immediately to have the transaction canceled and any appropriate security measures put into place.
- Notify the PNP Anti-CyberCrime Group if you fall prey to loan fraud. Be sure to document as much information as possible so that you can provide consistent facts to whomever you communicate with. You should ask for a copy of the report in case you need it as evidence in the future.
- Check your credit since identity thieves can use stolen information to apply for credit or start accounts in your name.
- File a report with the Securities and Exchange Commission (SEC) and the National Privacy Commission (NPC). Reporting fraudulent activity aids them in tracking and investigating such schemes.
What is a legitimate and secure way of loaning cash conveniently?
JuanHand online loan app is a modern, safe, and legit solution for financial services in the Philippines. It provides instant lending and other personalized financial services to Filipinos with just a smartphone, regardless of their credit history. JuanHand ensures its users that it is absolutely safe and uses highly secure financial technology that protects all of its customers’ data.
JuanHand, through WeFund Lending, has been given financing license by the SEC with Company Registration No. CS201825672 and Certificate of Authority No. 2844. This information is available in the SEC website for anyone who may want to verify. JuanHand is also a submitting entity of Credit Information Corporation, further establishing its authority as a legitimate lending institution.
JuanHand not only has a legitimate website (https://www.juanhand.com), but they have an office in Metro Manila as well. Their site office is located at this address: Trade and Financial Tower, 32nd St. Cor. 7th Ave., BGC Taguig, Philippines 1630. They may be contacted through the following:
More and more people are losing money, property, and peace of mind as a direct result of fraudulent loan scams. Though scams are happening day after day, they can be avoided with sufficient awareness and vigilance. Selecting a secure and authorized financial partner is important, and in these times of crisis, JuanHand is our best bet.