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Press Sep 28, 2019

When You Need to Borrow Money, are Online Lenders a Safe Option?

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When You Need to Borrow Money, are Online Lenders a Safe Option?

With the rise of online banking in recent decades, new methods for scams have proliferated significantly. Nonetheless, managing your livelihood online is essential; the possibility of fraud should not hinder you from making necessary financial transactions, especially when you need extra help. In an emergency, a short-term loan can be your best option. How do you know when you have come across a trustworthy lender, or one which you should avoid? The following are the basic standards an online lender must meet to be considered a safe source for borrowing money.

Look for a Licensed Lender

Creating a website today is easy; many companies will produce a seemingly legitimate site and claim they can offer fast loans to anyone. However, they might not be legally allowed to do so! In Canada, a lender that offers loans of $1,500 or less for a period of 62 days or less is required to have a license, according to the Payday Loan Act. An authorized lender must display their license on the top of the introductory page specific to the province in which they operate.

Avoid Third-Party Lenders

In spite of how professional they may appear, many online lenders simply collect your information and send it to a third-party, leaving your personal data susceptible to infringement. Before you fill out an application, ensure you are dealing with a direct lender by certifying they are the ones who provide you with a loan. This will limit the amount of companies that have access to your confidential information, thus eliminating additional risks.

Contact Customer Service

One of the hallmarks of a reputable online lender is friendly and punctual customer service. Before applying for a loan, try emailing the company’s customer service and see how long they take to respond. Any company that you trust with your personal information should be able to answer questions in a timely manner. Additionally, double-check that your lender has an office space for their employees. Even an online lender should have a physical address displayed on its website.

Read Reviews

Any site with a proven track record should have reviews online - even bad ones! Keep in mind that there are many people who apply for cash advances and are turned down, resulting in a few bad reviews even for reputable lenders. However, the fact that there are reviews is a clear sign that the company is fully operational. Google and TrustPilot reviews are the easiest sources to consult, as well as social media sites like Facebook.

Never Provide Money Up-Front

Scammers will sometimes ask you to pay an initial fee for a “credit check,” a “deposit,” or even a first payment on the loan. Any lender that asks for payment before the loan has been approved should be avoided at all costs. A licensed lender regulated by the Consumer Protection of every province will never ask you to pay any up-front fees in order to obtain a loan.

Protected and Legitimate Website

A reliable lender should always have a secure website. Ensure that the padlock icon appears next to the website URL field, and that the URL begins with https://. Never disregard any warnings that the website security certificate has expired or is no longer valid. The company should also have an encrypted database; this means that all your personal information is safeguarded from individuals who may try to access it with malicious intent.

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Why iCASH.ca is considered a Safe Online Lender?

iCASH is an established, licensed lender with over 250,000 members in Ontario, British Columbia, Alberta, Manitoba, Nova Scotia, Prince Edward Island, and New Brunswick, offering up to $1,500 for each loan. Their licenses can be accessed by selecting your province on the introductory page of www.icash.ca. iCASH will never sell your personal information or data to a third-party. Once your loan application is complete with a digital signature, you will receive your funds by e-transfer in two minutes. iCASH’s Customer Service is available 24/7 with average response time being less than an hour. Their testimonial videos, 5/5 Trust Pilot reviews, and 4.8 mobile application reviews are available on the iCASH website. Check out the iCASH Facebook page at https://www.facebook.com/icash.ca/ for further endorsement

Since 2016, iCASH has used a revolutionary decision-making system to provide financial assistance. Regardless of credit rating or financial history, iCASH is helping Canadians on their path to a brighter financial future.

What is a Payday Loan?

Alex Charbonneau

Alex Charbonneau hands-on approach to financial planning, investments, and leadership won him the respect of many. Alex is a trustworthy individual & someone that many in Canada aspire to work with.