HOW DO I KNOW IF A CREDIT COMPANY IS RELIABLE?
A financial company must become a reliable partner if you are considering borrowing from them.
The point is, there are enough scammers on either side of this financial transaction. People looking for a loan are very often in a difficult moral situation, and they do not need additional difficulties with unscrupulous partners. That is why you have to be very careful when choosing a company from which you can take out a loan. Where do you start to check?
Legal regulation of the online credit market
Despite the fact that online loans are received and repaid online, it is an equal financial relationship, as it is with bank loans. Obtaining instant loans on the card always involves signing an agreement. Because the interaction between customers and creditors takes place online, the physical signing of the contract does not take place. When applying for a loan, the client receives a loan agreement by email or it is registered in a personal account on the organization’s website, the signature is done with a one-time password that comes on a cellphone. Of course, first of all, this is all in the best interests of a financial institution, which is important to protect against the risk of default on loans. But what should bona fide borrowers, who can also get caught by crooks on the network, do? How do you determine if the organization is reliable enough and if it is worth contacting it for a loan?
What company information should be verified first?
It is very important, when choosing a lending organization, to collect as much information as possible about it. Here’s where to start:
- When the company was founded – how many years in the market;
- Key financial indicators that are in the public domain – are there any reports for the last period, if the indicators are good enough, if the company has any problems which can then affect borrowers;
- Does the company have all the necessary licenses, certificates, permits and certificates; it is important to check not only their presence, but also their period of validity, if they have been revoked. This will show whether the business is eligible to engage in such activities.
- If there is publicly available information – how many clients were served by this company during the entire period of operation, and how many of them subsequently applied again. This information is very important, it confirms the loyalty of the customer.
Usually, all information can be found on the company’s website or on the website of official regulators. It is worth spending your time checking out a future counterparty, it can save you from more serious problems in the future.
How to choose the right MFI?
Of course, before entrusting your personal data to a company and requesting an online money loan transfer (vay tiền online chuyển khoản), it should be checked whether it is reliable enough. What you should pay attention to first:
- Check the information on the MFI you are interested in through the system of the national bank or other financial regulators. If there is no information about the organization, do not use its services, this company is illegal.
- Explore the official website of the IMF. Favor companies with authorization via BankID or PCI DSS certification. In addition, the site should have transparent loan terms. The site itself should be reasonably well protected against potential hacking and meet the highest security standards.
- Read the contract carefully. It must describe not only the fines and penalties for late payment, but also the conditions for calculating interest. For example, you can apply for a loan for one amount, while half will be given to you immediately, and the other half – in a few days, and the terms for the first and second loan will be different. Remember: you have the right to familiarize yourself with the agreement before signing.
- Ask for a loan repayment schedule. Please note that MFIs indicate daily interest rates, and the actual cost of the loan is hidden behind the APR (Annual Percentage Rate) designation. Do not be lazy to independently calculate the accuracy of the accumulation of interest, especially if the organization has promised reduced promotional or bonus interest. The terms and conditions of all publicly advertised promotions must be fully adhered to. But it’s worth checking out.
- For loans in an amount exceeding the minimum, the financial institution is obliged to provide a passport for a consumer loan, where all the important nuances of obtaining and repaying a loan should be described in such detail as possible.
- Control the legality of the accumulation of fines and penalties. Even in the event of delay, all payments must be invoiced in strict accordance with the amounts and interest specified in the contract. Any violation is already a reason to contact this company and find out the reasons for the discrepancy in the amounts.
Should I consult the company’s reviews on the Internet?
Undoubtedly. And you need to be on your guard if there is any information about this business on the internet (no contacts, no reviews). Or, on the contrary, very unflattering information about fraudulent activity may appear. In the second case, not a step towards the habitat of the deceivers. And in any case, you have to be extremely careful and careful, because a new business always tries to get its details into business directories on the Internet as soon as possible. In the case of the crooks, they prefer to disseminate information about themselves through the media and advertisements on the street.
Of course, it’s quite difficult to just focus on reviews – a lot of times reviews can be personalized. Moreover, both positive – their own order, and negative – the order of competitors. Therefore, carefully read the review itself – what exactly was the customer satisfied or dissatisfied with, this will help determine how sincere the person who wrote it was.
How to choose a reliable company?
If several sources confirm at the same time that a financial institution is reliable, like oncredit.vn, if the information concerning it is in open sources, if several people you trust recommend it to you at the same time, you can conclude an agreement with this company .
By the way, a good tip – after making the first agreement with the company of your choice, do not forget to leave a detailed review of this experience, it will help customers in the future to choose a reliable financial partner .
Why is it very important that the company you are borrowing from is sufficiently reliable? The whole loan process is quite a lengthy procedure. In order for everything to run smoothly, it is very important that both partners focus on concluding a mutually beneficial contract. If only one partner has such a goal, problems are inevitable. It can be an unauthorized transfer of personal data to third parties, incorrect accumulation of interests and fines, and many other unpleasant moments that can be avoided if the choice of a partner is approached. in the most responsible way possible.
If you are lucky enough to find a good, reliable company, your best option is to remain a loyal customer and apply to the same company again for the next loan. This step has several positive aspects:
- the reliability of the company has already been tested on our own experience and there is no doubt;
- You know the entire loan process in great detail, and the company already has your personal data and it is not necessary to download it again;
- You can find all the necessary information on the site, as well as use your personal account;
- many MFIs have special loyalty programs for repeat clients, which may involve either accumulating bonuses, lowering the interest rate, or other nice little things;
- such a step saves time when verifying the compliance of a new business with all reliability parameters.
You shouldn’t chase the ghostly perks depicted in the ad – a lot of times they just don’t correspond to reality. Trust your own experience – choose the best.