How to Report Payday Loan Scams?

Want to find out about how to report payday loan scams?

Many people who have taken payday loans or applied for them online have received threatening emails and calls from fake debt collectors who claim that they owe money. Some callers say that they represent government departments or are solicitors. They ask the victim to pay up immediately to avoid legal action.

These calls have been received by people across the country. The victims are surprised to find that the scammers have sensitive personal information. It’s not clear how these scammers obtain this personal information. In many cases, the people who received these calls had filled out online application forms for loans or credit cards.

It’s essential to check the reputation of lenders before you provide sensitive personal information via the Internet. See if the website of the lender includes a physical address, phone number, and email address. Read online reviews and visit the website of the Better Business Bureau to look for complaints. Check licensing and registration details of the lender. If possible, visit the office of the lender.

The scammers refuse to provide details of the payday loans for which money is due. The victims are told that they may have to face legal action, arrest, or even physical violence if they refuse to pay up immediately. The scammers may even harass the friends, relatives, and employers of the victims. Most of the victims have no idea about how to report payday loan scams.

In some cases, the scammers tell the victims that they have warrants for their arrest for crimes like non-payment of payday loans or for hacking into a computer system. The victims are asked to use a debit or credit card or to obtain a prepaid card to remit the money immediately.

Some victims are asked to fax a statement agreeing to pay a certain sum of money on a specific date by means of a prepaid card. They may be asked to declare that they will never dispute the debt. If something like this happens, you need to find out about how to report payday loan scams.

In some cases, a person may appear at the victim’s home or office claiming to be there to serve a court summons. The victim is told that providing a debit card number can help him / her to avoid going to court.

If you receive calls like this from scammers, you need to know about how to report payday loan scams. You can consider taking these steps:

  • Inform your bank about the calls
  • Inform the three major credit bureaus and request them to put an alert on your file
  • Report the problem at www.IC3.gov
  • If you feel that you’re in danger, inform your local law enforcement agencies

The scammers are trying to intimidate you into pay a debt you don’t owe. Ask the callers to provide details of the loan dues. If you receive the details of the amount owed and they are correct, you will know that the calls were genuine. Knowing about how to report payday loan scams can help you to avoid a lot of stress.

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