I am generally. “no regulation” on most anything, until now.. I recently had a need for a quick loan to cover some unanticipated expenses. So, off to the Internet to see what we can see. What an absolute bunch of rip-off artists and bullshit. The system that Internet Loans belongs to needs immediate regulation. It’s fucking ridiculous. And when you make any contact and the voice on the other end of the line has a “middle east” accent, hang up your phone.
Doesn’t that sound perfectly racist? IT IS NOT MY INTENT TO BE IN ANY WAY RACIST! But, in a single day better than six responses to my loan request were by Middle Eastern people (Based on their Accent), whose sole intent was to phish my bank account. And, they are some slick dirty bastards in their attempts.
Everywhere you look today there is somebody reaching into your pocket uninvited to do so. It is so bad that you cannot tell the good from the bad, and so many doing it that you do not believe they are the bad ones. I am serious.
There is NO REASON for any business or financial organization to ask you to disclose your Username and Password. We all know this but after you get asked by so many different people you start to wonder if something has changed. Couple that with a little desperation associated with your need and “Boom” they now have control of your bank account.
When you go online and do a search for “loans” about 2 million or more links come up, all offering just what you are looking for. So, you enter the data they request to start the loan request. They do not warn you that they are not a financial institution, that they do not loan anyone money, or that all they are is a form they send out to hundreds of different places, all claiming to be able to offer you a loan. So, you have made the mistake of submitting the form. . .
The form then travels via the Internet to hundreds of different web sites, all offering you a loan at great interest rates and get your money quickly. There is no information about if these organizations are honest, or not. So you se3lect from their recommendations assuming they are legit and you are taken to another form, almost the same as the first form, which will run through a similar process as the previous form while in the background is sending your information unchecked to everywhere they possibly can include those of a criminal nature. And by sending your information to everywhere they possibly can, I mean enough places to create new incoming email to my account to at least 100 per day and probably 50 percent are people trying to take advantage of your needs or steal your money from your accounts.
And again as much as this sounds racial and offensive, if you reach the point of verbal contact with a prospective lender, if they have a “middle eastern” accent, immediately hang up the phone. By the time they reach the point of asking you your bank account username and password, it is already too late. You will have given them more information than you want them to know. And they conduct themselves so business like and professional that you easily believe them legit. Then when you start to feel a little iffy about the situation, they tell you of the great interest rate they are giving you. REMEMBER; If it sounds too good to be true, it is!
Another bit of trickery . . . Almost all of these sites require you obtain your curre4nt credit score. They provide you a web page that provides such information and claim the credit score retrieval to be free but comes with a $1.00 processing fee and a $39.99 monthly charge should you fail to stop your subscription to their services. I don’t know about you folks, but FREE means Free to me
Regulation of this situation might be impossible, but shutting down any web site that acts as a initiator of the process would be a start. Lending Organizations either lend to you, or they don’t. They do not send your data everywhere in seek of other lenders. They do not distribute your information to criminals seeking someone to take advantage of. They may decline giving you a loan but they won’t recommend three or four other lenders that are other initiator type of web sites that put you back into the cycle all over again.
If you contact your Bank or Credit Union and they turn you down for a loan, you probably should not get a loan in the first place. Obviously, they see an issue with your finances that suggests your inability to repay the loan. But should you then turn to the Internet in hopes of getting a loan be prepared for needing more than a loan. One lender that offered me a loan, offered me a loan at 36% interest without a co-signer. They also offered me a loan at 36% interest with a co-signer that has perfect credit.
Oh! Don’t forget the additional email incoming. They do not seem to stop for a very long time. What I forgot to mention was the messaging to your phone and mail to your snail mail addresses. Yes, you will get it all. The only one I found I was able to put some stoppage to is the text messaging to my phone. Simply responding with “STOP” appears to stop future messaging from them. The burden this activity places on the Internet and SmartPhone resources has got to be extreme.
I wish to thank the good folks at USAA for their attention to account activity. What little I have is a lot to me were it to have been stolen. And to have it stolen by an organized Internet scheme is just offensive. Somebody needs to bring about regulation to the criminals running wild without any other intent than to bring harm to others. My question is, why isn’t the Banking and other professional lending institutions doing something about this?
(This article has been edited to include the info about getting credit score.)