How To Deal With Pay Day Loan Scams

How To Deal With Pay Day Loan Scams

The scam: The creeps who make fraudulent calls to unsuspecting consumers, telling them they have unpaid payday loans and threatening lawsuits and criminal charges, are still at it reports claim.

How it works: for example, a lady, who has taken out a payday loan, received a call saying she was long past due on that payday loan.  (These loans are cash advances on workers’ future pay cheques.)  The callers, identifying themselves as the ”Legal Affidavit Office,” threatened all sorts of legal repercussions unless she sent them a payment immediately.

What should you do with such a scam?

PayDay loans are a sort of short term loan. If you didn’t take out a payday loan, and there are plenty of reports online from folks who did not take out payday loans but received these calls, simply ignore the call. If you did take out one, keep your records even after your loan is paid off. If they can’t answer your basic questions, you know they’re phonies.

It used to be that pawnbrokers were the ones with a questionable reputation.  Not any more!  Never mind pay day loan scammers, these days, even the high street banks are being heavily criticised for loading loans with punitive extras – admin & setup charges, early settlement fees, late payment fees and default penalties – often making every day bank loans, overdrafts and credit card loans more expensive than pawn loans.

You will never be scammed by a pawnbroker.  UK pawnbrokers are heavily regulated by the UK government, you can never be sold a pawn loan that you can’t afford to pay off – one way or the other – and even if you decide not to pay off your pawn loan, you will never be chased by debt collectors, court actions, bailiffs, asset seizures or repossessions – ever!

Borro.com, the world’s first online pawnbroker, has transformed the business of raising an asset-backed loan into a modern, convenient, discreet, safe – and fast – service.

It’s all done online, at home – all goods are shipped from and to any UK address by pre-paid, fully insured courier – and all loans are transferred electronically, directly into any UK bank account you choose.

Fast cash is easy cash at Borro.com.  Whether it’s a personal loan, small business loan, bridging loan, car loan, home loan or student, loan, if you want cash for gold, money against watches or a loan against jewellery, Borro.com offers all kinds of secured loans in the form of asset-backed collateral loans.

For an affordable, low interest rate loan, look no further than pawnbrokers, Borro.com.  For a cheap, no risk loan, check out short term loan provider, Borro.com, or phone us, free, on 0800 756 9877.