In as much as there are legitimate online payday loan no credit check lenders out there, we also need to be well-aware of the fakes.
Falling a victim to these scams can be devastating and come with serious consequences on your finances.
These scammers tend to play on your emotional intelligence, especially when you are at your lowest in life. They approach you with mouth-watering offers and promises that you cannot resist.
Online payday loan scam artists often the target younger ones and elderlies. Basically, any one they can easily prey on are an important target to them.
In 2021, there were over 2.8 million cases of fraud received by the FTC. 34% of these cases involved consumers losing their money to some form of scam.
Roughly over 10,000 payday loan scam cases are reported yearly.
Payday loan scam artists often leverage on information stolen from legitimate direct lenders to extort people. This can be accounted to the massive adoption and rise in the payday lending industry.
Fraudsters could also come in the form of a debt collector to extort you. They could fake company names to sound like a law firm to collect loan payment from you illegitimately.
Online payday loan scam artists also rely on information they find about you online. This information is often gotten whenever you submit your information to a lead generator or online application form.
Most online platforms are in the business of buying and selling of user data.
Online payday loan Las Vegas scam artists leverage on this to get all the necessary information of you to prey on you.
Regardless, there are many ways to distinguish the real from the fake.
Before taking out any online payday loan offer, first carry out a thorough research on the lender’s authenticity. Source for online reviews and testimonials about their platform to get a better understanding about them.
Word of mouth works best in situations like this.
Ensure that an online payday lender’s website is SSL certified before using it. You can do this by checking to see if there’s an “https://” at the beginning of their website URL.
SSL certified websites protect your personal identifiable information by encrypting it. With this, hackers and scam artists can not find a way around this information to prey on you.
Fraudulent companies may also ask for prepaid gift cards from retailers or apps like Target and Google Play. They leverage this tactic to promise you lower interest rates on your loan offer.
For this, they may set up a fake bank deposit to your account and have it show as “pending”. They will claim that your funds will be cleared for deposit once they receive the gift card or upfront fees.
No legit direct payday loan online no credit check lender will require you to pay money before getting any loan. To avoid being scammed, avoid any lender that demands an upfront fee or payment before approving your loan request.
Avoid filling out online forms from websites that you don’t trust their authenticity. Ensure to go through their Privacy Policy and Disclaimer page before using any of their services.
Remember, these scammers have no way to access your information unless you give it to them.
It’s also important to confirm the validity of the contact of a payday loan online no credit check lender.
Scam artists often send out mails using generic service providers like Gmail, Hotmail, or Yahoo. On the other hand, legitimate online payday lenders have mails associated with their company domain.
For instance, a scam artist’s mail will look something like this, “example@gmail.com”, while a legitimate lender’s mail will look like, “example@instantpaydaynv.com”.
Also, it’s a best security practice never to open an email you don’t trust. Most scam emails come with phishing links that are programmed to steal sensitive information.
Scam artists could easily clone any legitimate lender’s website and use it to prey on vulnerable customers. Always check the URL of any loan provider you choose to work with and ensure it matches the mails they send you.
This is a common mistake made by most loan consumers. It is one that payday loan scam artists often use to prey on them.
Reputable online payday lenders are always transparent to borrowers about their loan terms and conditions. Avoid any lender that refuses to disclose all the loan terms and conditions before your loan approval.
Timing means every to these payday loan scam artists. Thus, always move at a smooth pace when dealing with any online payday lender.
A legitimate payday lender will never rush you into signing onto a loan offer. On the other hand, payday loan scam artists often use urgency and threats to manipulate you into getting one.
They may also claim of a limited time opportunity to get the loan offer.
Online payday loan scam artists rarely have any recognizable license or permit backing their operations. Thus, any lender that claims to be licensed by the state to offer loan services but can not provide proof are most likely fake.
The Nevada Statute 604A.010 et seq. 2017 Chapter 274 regulates most payday lending activities in Las Vegas.
Be cautious of unsolicited lenders who constantly call or email you offering you payday loans. No legitimate payday loan provider pre-approves you for a loan offer without a formal application process.
Every state within the United States has laws and regulations guiding payday loan services and companies. Never hesitate to contact your state attorney whenever you get scammed or notice any suspicious loan activity by a provider.
Some law firms and attorneys have been known to work for free or pro bono for cases related to this.
You can also contact the following authorities for payday loan related scam cases: Federal Trade Commission (FTC), Consumer Financial Protection Bureau, State Attorney General, or your local law enforcement agencies.
Disclaimer
Short term loans are emergency credit loans that have been designed for short term financial issues. The loan amount is small and limited to a fixed upper limit. The loans are exclusively created for the short term and will become expensive burdens when extended and used for long-term purposes.
The operators of Instant Payday NV are not lenders. We are neither a bank nor a financial institution. We are not involved in the process of making credit-based decisions related to lending, offering loans, or collecting repayment.
The website has been created to act as a bridge, a connecting agent between the applicants and the moneylenders. We do not charge any fee to process the loan application or help our customers find a reliable match for a loan from a third-party lender. We do not oblige any user/ customer to contact the lender or to accept a loan application.
The data present on the website related to short-term loans and the industry practices are for information purposes only. Instant Payday NV does not collect, store, or access the details related to fees and charges levied by the lenders. We do not endorse any of the lenders in the network.
Short-term loans are not available in all states. Not every lender in the network can offer a loan of up to $1000. We cannot guarantee that the loan application will be approved by a lender. Instant Payday NV also cannot guarantee that every application will be successfully matched with a lender or that the lender will provide the applicant the loan amount.
The lenders might perform a credit check through one or more credit bureaus (which include but are not limited to the major credit bureaus) to determine the reliability of the applicant. The lender will also need to perform other verifications such as confirming the social security number, national ID, driving license number, or any other identification documents submitted by the applicant.
The terms of the loan proposal depend on the lender and various factors such as the federal laws and state laws, or industry regulations. The terms and conditions of the loan proposal will vary from lender to lender and from one application to another.
APR Representation
APR (Annual Percentage Rate) is the interest rate calculated per annum for the loan. Instant Payday NV is not a lender. We do not have the required information pertaining to the rules, regulations, and terms used to calculate APR by individual lenders. APR calculations vary from one lender to another, one state to another. They also depend on various factors that decide the APR of a loan. The credit rating of the applicant can be one of the reasons.
Any other additional charges including but not limited to the origination fee, late payment fee, non-payment penalties, or non-financial that include debit collecting actions, late payment reporting, etc. come under the responsibility of the lender.
Instant Payday NV has nothing to do with the payments charged by the lenders or the action taken by them. We do not maintain any information regarding the same. The charges and actions are to be fully
disclosed by the lender as a part of the loan agreement. The calculation of APR is the annual rate and not the financial charge of the product.
Implications of Late Payment
We highly recommend our customers to contact the lenders to enquire about the possibilities of late payment. In the case where late payment is considered possible, the late payment fee is applicable and implied. The laws of the state and the federal govern the cases of late payment fees and vary vastly. All details related to the procedures and costs associated with late payment are disclosed in the loan agreement. Customers should carefully review the terms before signing the contract.
Implications of Non Payment
In case of nonpayment of the loan, both financial and nonfinancial penalties may be implied. The charges for nonpayment and late payment are disclosed in the loan agreement. Additional actions related to nonpayment’s such as renewals or extensions can be implied upon given consent. The terms of renewal are disclosed in the individual loan application. Additional renewal charges may also apply.
Lenders may perform debt collection practices. The practices are adjusted as per the Fair Debt Collection Practices Act and any other federal or state laws related to the industry to ensure that the customer or the loan applicant does not end up being a victim of unfair trade practices. Most of the lenders do not use outside debt-collecting agencies to recover the loans. They use in-house methods to collect the debt from the applicants.
Late payment and nonpayment of the loan might have a negative effect on the credit rating and further decrease the rating. This may cause them trouble over time. Lenders may report to credit bureaus such as Experian, Equifax, Transunion, etc. In such instances, the late payments and nonpayment’s may be recorded and remain in the records for a certain period.
