Remember that regardless of how well your business performs, you’ll need to repay the loan according to the terms. Evaluate what you’ll use it for and how it will help your business grow or solve a specific problem. Calculate whether your business can handle payments, even during slower periods. You can reduce the risk of business financing by having a clear plan for how you plan to use and repay the funds you borrow. Don’t let the warnings about scams scare you from getting the financing your small business needs.
How to Verify a Loan Company’s Legitimacy & Avoid Scams
I had a large project coming up and couldn’t afford delays. Tom was fantastic, very knowledgeable, and helped me get the loan approved in record time. Companies can ask for reviews via automatic invitations.
Research the business location
Your feedback is invaluable to us as we continuously strive to improve our services, as well as assess our relationships with brokers such as the one you worked with. Thank you for your attention and time in reading this response, and we look forward to the opportunity to rectify this situation fairly for you, the broker, and VOX Funding. People who write reviews have ownership to edit or delete them at any time, and they’ll be displayed as long as an account is active. With any luck, though, you won’t see any of these issues crop up. Instead, you’ll submit your loan application, get a loan offer, receive your money, and pay off your loan―all without a hitch. So before you submit your loan application, follow these steps to make sure you’re applying with a legitimate loan company.
- TrendMicro has written about fake loan apps and included a list of some of them.
- Suggested companies are based on people’s browsing tendencies.
- Even if the loan company has an online presence, that doesn’t necessarily mean that its operations aren’t predatory.
- If something seems off, trust your instincts and seek advice from a financial professional or trusted business advisor.
Research the physical address
Download and print this checklist for easy reference when researching potential lenders. Always, always verify the sender’s identity before responding or clicking any links. When in doubt, contact the company directly using their official website or phone number. Just tell whomever is calling that you’ll call the financial institution using contact information provided on their website. Then hang up and call the financial institution directly. You can also do a reverse search on the phone number calling you on the internet, though be careful about providing personal information to sites that provide these searches.
You can use our article “How to recognize a scam website” to create your own opinion. As a freelance photographer, my business depends on having the latest gear. I needed a quick loan to upgrade my equipment for big upcoming project. John made the application process easy, and I got the funds the very same day.
Explain the situation and ask them to freeze your accounts or issue new cards to prevent further unauthorized transactions. Before applying for a loan, look up the lender’s reputation online. Check for reviews from other business owners and look for any complaints filed with consumer protection agencies. Legitimate lenders will need some details about your business, but be wary of requests for login credentials to your bank accounts or other sensitive systems.
Then adyen.nl would appear monthly on your account, but you wouldn’t suspect it is for lexa.nl – because you are confident you stoped your account. Especially Adyen – because all lexa funding reviews transactions were named Adyen, so you lose track sooner or later on YOUR OWN account. You can start with the lender’s Better Business Bureau profile. Profiles often have reviews (which are separate from complaints).