Urges you the money, they offer it fast, without conditions, without endorsement and in exorbitant amounts. Moreover, they promise you that you will have the cash regardless of whether you are a bad payer or have debts that have been in arrears for years. Some will even say that they solve your other financial problems. Nothing seems strange to you yet?
Only in 2015, the National Commission for the Protection and Defense of Users of Financial Services registered around 10 thousand complaints about fraud in immediate credits. However, this same institution recognizes that it is very difficult to register a formal complaint in these cases, since most are “ghost companies” that are not even registered and that the Condusef can not investigate. To grant a loan in Mexico, it is not essential to be a financial company, therefore some department stores also offer loans for purchases, but it is recommended that they be guaranteed or certified by institutions such as Condusef or the National Banking Commission and Values.
The most common frauds
The typical deceit of fraudulent lenders is the abuse of people with economic urgency, through strategies such as:
- Fast money, but in expensive conditions and very long term, which represents endless methods of payment and more indebtedness at a disadvantage.
- Theft of personal information for crimes such as extortion or identity supplementation.
- Theft of money through charges of “administration expenses”.
5 signals from a reliable lender
There are some simple ways to rule out that the financial or company that grants the loan involves you in a scam. The following are good signs:
1.- Has a good reputation on the internet
It does not matter what you ask for a loan for, do not give in to the rush and take your time to googling the reputation of the company to which you will apply for the loan. Check the background of the company and the opinions of other users; if the majority are good. Also, remember that financial institutions that lend money should ideally be included in the Register of Financial Services Providers or the National Banking and Securities Commission. Enter the web pages of these institutions and you can check the registration from the internet, at no cost. You only have to have the name of the company or financial company that you are “investigating”. You can also verify the company in the Condusef that offers telephone and face-to-face advice, free of charge.
2.- Offer “moderate” sums of money or according to your ability to pay
A reliable lender company takes its precautions and is transparent with its clients. If you approach them for the first time, in addition to reviewing your credit history, it is expected that they will offer you only the minimum, in this way they will ensure that you will be able to pay, and they will begin a relationship with you to increase the amounts and improve the conditions of payment on future loans. Obviously they will not promise you to “get out of the credit bureau”, because that is impossible, since invariably all loans and credits (whether they are paid on time or not) are reported to the Bureau.
3.- It does not ask you to sign contracts or make administrative payments BEFORE applying to the loan
A reliable company knows that you ask for money because you do not have it, so it will obviously facilitate the conditions for you to get it fast, but it will NOT charge you before giving you the loan. Even if there are management procedures, they will be quick, and they should never “condition” you to pay “fees”, “insurance or opening commission” or any deposit before knowing if you will have authorized or not the credit. If you deliver any personal information to perform any procedure, a reliable lender will give you a reference or procedure number for future clarifications.
4.- Check your credit history but do not ask for private details
Reliable lenders review your credit history in a bureau or credit circle, as a formality, but ask for your authorization in writing, and verify public information. They do not ask for passwords or passwords at any time.
5.- It clearly explains the date and amount of your payments
When opening a loan or obtaining a loan, a reliable company will offer you free financial advice to guide you in any doubt; but also, it will show you explicitly how your payment scheme will be: the frequency with which you decided to pay and the amount that corresponds to each term, as well as the interest generated. Remember that just by comparing options you can save more than $ 3,700 in interest.
Do not forget that you are the first responsible for preventing fraud, if you avoid falling into deception: never leave personal data such as telephone, mail or address in social networks and expose your concerns in reliable and impartial financial sites.