Digital Lending Across Borders: How To Verify That You Are Working With A Real Lender

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Some of the scariest cybercrimes start with an email that claims it is from a digital lending company. People who open this email and decide to apply for the "easy-to-get loans" may fall prey to some ruthless schemes. At best, they just gave all of their personal and financial information to some unknown, and that is where it ends. At worst, their identities are stolen, their bank accounts emptied, and their credit ruined.

Then there are the legitimate digital lenders. These lenders are not phishing or attempting to take anything from you. If you need to borrow money, these lenders are willing to help, and they help keep your information safe and secure. How do you know the difference between the real lenders and the criminals? What if the lender is in a neighboring country? Here are some telltale signs and tips to keep you safe and get the cash you need.

Digital Lenders Only Ask for an Email, Name, and Telephone Number

To keep borrowers safe, legitimate digital lenders only ask for an email, a name, and a telephone number.  Even their fill-in-the-blank online applications limit the information. If you leave them with this contact information, the real lenders call you within a day to talk about what kind of loan you need. The fake lenders want your social security or government identification number, your driver's license number, details about where you live and work, etc. Do not share this information via an online "loan" application until you have vetted the lender.

Consider the Lender's Country of Origin

If the lender's application says that the money is drawn on banks that reside in a country where notable criminals operate digital lending scams, stay away. (Two such examples are Africa and Russia.) If the country does not currently have any reports of financial scams running, you can trust the website. Canada has not had too many of these problems, so digital lending between Canadian and American citizens is fairly safe.

Call and Verify the Existence of the Lender's Physical Location

One more thing you can do to verify that the lender is legitimate is to call the customer service hotline. If someone answers on the other end and is willing to answer all of your questions willingly, you can ask where his/her institution is located and how the loans are guaranteed/processed. Trust your gut instincts about the answers given before you freely apply online for a loan.

For more information, contact a company like CloudBnq Inc.

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