The timely and uninterrupted flow of cash is essential to safeguard the financial well being of your business. However, sometimes the income of the company can be negatively impacted due to unforeseen circumstances or bad market conditions. This needs immediate attention and what better way to obtain financing than applying for a business loan that can fulfil your urgent requirement of funds. Applying for a business loan can be advantageous in many ways. Data shows that a rising number of SMEs and multinationals frequently apply for business loans online. The reason is, it’s easy to access and the loan processing time is significantly lesser than traditional bank loans.
It’s important to note that a growing number of conventional bank loan applications are getting rejected and online business loans are proving to be the rational alternative. However, this has also led to a rise in online fraudsters who deceptively fleece money from unsuspecting customers. Therefore, it’s important to protect yourself from such scams by taking certain precautions. Ascertaining the reliability of the lender is essential for any loan aspirant.
How to Spot Scammers?
You are sure to find a list of trusted lenders while researching online and it’s difficult to find a scammer in such a list. Fraudsters generally send unsolicited mails/text messages or malware in the form of pop-up ads. Never forget the phrase, “If something seems too good to be true, it probably isn’t” and avoid falling for such traps. Here are some ways to recognize an unauthenticated website:
You are offered Cash Advance Loans
If somebody is offering you loans without an application process then you know for sure that the site or ad is devious. The absence of the credit-check process also strongly raises red flags. Such sites are mining for data and it’s important that you avoid them.
The site is devoid of the lender’s office address
No address on the financer’s webpage? You can be certain that the offer is made by a conman. If the address is present, then look for inconsistencies by verifying with multiple sites. This will help you effectively gauge the legitimacy of lenders and make the right choice.
Advance processing fee is solicited
Sadly, many people have fallen victim to the advance processing fee scam. This is nothing but another popular method adopted by money swindlers. Some may even ask for an advance EMI, which can appear quite fishy and even laughable at the same time.
How to Safeguard Your Online Information?
There are many means of protection from online scammers and even the smallest things can make a huge difference.
Always verify the authenticity of the website before entering any personal information. There are many duplicate sites with minor tweaks in the domain address, which can be hardly noticeable unless one is careful. Such sites will extract your password for scamming.
Encryption of data
Only use secure browsers for making online transactions. The presence of a lock icon is an indicator that your data is encrypted and thus safe for transaction.
Avoid using guessable passwords like your name or birthday while handling financial business online. Also use a combination of words, numbers and symbols to increase your password strength. Make sure to update your password regularly and avoid using the same password across different sites.
It goes without saying, but refrain from sharing any personal information on social media sites or any kind of discussion boards. This includes sensitive information like your phone number, address, etc.
Now that you know how to be safe, apply for a Bajaj Finserv Business Loan online without any hesitation and avail its benefits.
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