There are certain times when we are in dire need of money and we don't have enough of it. In such cases we end up taking loans from  online money lending companies. Morgan Financial Recovery has found out that pay day loan scams are on a rise and hence decided to make our customers aware about such scams. We found out that pay day loan scams are similar to binary options scams and both have the same type of scammers who have been duping the victims and extorting the hard earned money from them.

Morgan Financial Recovery has been dealing with fund recoveries for over a decade now. We have our presence in over 18+ countries, and we have a dedicated team of 56 + attorneys, private investigators and an amazing set of legal advisors who work 24*7 round the clock, just to ensure that you get the best recovery solutions from us. We have a success rate of over 90% which clearly states how dedicated we are to our craft. 

How did the pay day loan scam get exposed?

When you visit a particular website that will help you with financial loans, you will see that there is an advertisement which clearly states that you can get a loan for a very little interest with minimal paperwork. You think that this is one of the best ways to get some credit but unfortunately it is nothing but a pay day loan scam. These scammers website owners have a huge chance of money so that they could put their advertisement on their website and dupe the innocent customers. 

According to the researchers at Morgan Financial Recovery, these are the potential science of a pay day loan scam.

Minimal interest rate

Do you know how banks make so much revenue on a quarterly basis? It is because of the high interest rate that they provide with the loans. you need to know that the reason why financial organisations exist is because of the high interest rate that they thrive upon. In such a case if the creditor is giving you a loan with minimal interest, don't you think that it is a pay day loan scam?

The experts at Morgan Financial Recovery have clearly stated that you should stay away from such types of credit situations.

Creditor asking you to pay upfront

There are certain kinds of online creditors that ask you to pay upfront for securing a loan with them. You need to know that down payment fees only exist when you are securing a loan from a bank not from an all line creditor. Such frauds and nothing but pay day loan scams which are on a rise as people think that day need to pay approximately 5% of the total loan amount to secure the loan. 

Lender not interested in Payment history

Another sign of the Pay Day Loan Scam is the fact that the lender is not interested in your payment history. A lot of things go around in securing loans such as credit history, payment defaults and other stuff. Reputable creditors do make it known to you that they need to know about all the reports from the major Credit Bureaus of your country and then only provide you with a loan. A history of paying bills online on time is of utmost necessity, as it will show your due diligence when paying up for a loan. 

Non-registration of the lender

If the lender isn’t registered in your country, there is a high chance of it being a pay day loan scam. In the United States, the Federal Trade Commission states that the lenders should register themselves before conducting any kind of financial businesses. If the lender does not fit in the criteria, there is a high chance of it being a pay day loan scam. 

What to do if you have lost your money in the pay day loan scam?

If you have been a victim of the pay day loan scam, you need to contact us here at Morgan Financial Recovery. We, as a recovery firm has dealt with such scams for over a decade now and with our amazing experience comes the best in class services which we are proud to possess. So far, we have recovered millions of dollars for our clients across the globe, and you could be the next in line for whom we can recover all the funds for. Do contact us if you have been a victim of the pay day loan scam.