subject: Dont Let Upfront Cash Exchange Loans Scam You [print this page] It is bad enough for people with poor credit scores that they cannot apply for traditional loans when they need them the most, what is worse is that these same people are more likely to succumb to a loan scam and get into further financial trouble. Of course you cannot always blame the individuals who fall for loan scams as they feel with a bad credit history, they have no choice but to turn to anyone who is ready to lend them some money.
The scam that has been quite widespread recently is that of a loan in exchange of some money upfront. People pretending to represent companies or lenders who cater to individuals with a poor credit score contact individuals from all across Canada and offer them a loan as long as they can pay a certain percentage upfront. For example, if you want to borrow $2000 for any purpose and you get contacted by one of the loan scammers, you will be asked to pay $500 to show you are good for the money lent. It is like using cash not just as collateral but using it as a means to borrow even with a low credit score. Usually the scammers will ask for this money upfront to cover processing charges plus as a goodwill gesture to prove your ability to repay. Unfortunately moment you pay them this upfront fee either by borrowing from someone or using your credit card, they disappear with your money never to be heard from again.
It is quite scary to note that so many people are still falling for such kind of atrocious scams. The sad part is that most victims would say they needed to borrow fast and they did not have any options considering their past borrowing history. The fact is that all individuals whether or not they have a good credit history, have multiple options when it comes to further borrowing.
If you have a job, you can easily apply for a payday loan to meet with urgent expenses. If you have any kind of bill which is overdue and cannot wait till your next paycheck, simply apply for a payday loan and get the money within 24 hours. If you need to borrow an amount which your current paycheck does not cover, you can even apply for an auto title loan. Auto or car title loans allow you to borrow amounts for any reason in exchange of the title of your car, truck or mobile home. The two types of loans mentioned above do not require you to have a good credit history and at the same time are processed within 24 hours in most cases. So next time you are in need of urgent cash, do not worry. You always have options regardless of your background and make sure you do not fall victims to scams where an unusually high amount is asked for upfront.
