Payday Loan Scams Revealed
Payday Loan Scams Revealed
Credit.com has always been avid in warning people about fraud and phony payday loans and finally their efforts have been fruitful. The Federal Trade Commission has been successful in their court hearing last February in closing a $5 million payday loan company who used threats on American citizens, forcing them to pay loans that do not even exist.
This payday loan scam was aired in ABC News, and their modus operandi was revealed to the public. These criminals are usually working in India pretending to be call center agents from debt collecting companies. The payments that the victims make are received by a center in California that is owned by a Kirit-Pate a half Indian, half American citizen who is allegedly one of the leaders of the scams.
However, there seems to be no end to the schemes of these fake debt collection companies for just a few months after the FTC won the case hearing, the phone calls are starting to emerge again, pesteringinnocent citizens.
This scam includes sending threatening emails or messages to a person and his entire family, they require a deadline from their “customers” and they make sure they take advantage of them by making them think they are going to be in serious trouble with the law if they fail to meet the deadline that they imposed. What is worse is that these scammers would often claim to be a legal officer working for the government.
To avoid being a victim of these crooks, here are some things you need to bear in mind:
First, the FTC and Credit.com says that most of the scammers who might call you have obvious Indian accents. Their names may also sound very American.
Second, the callers often claim to be from a company that sounds official or a branch of a court, however if you really check the names of the companies, they do not exist.
Third, these fake debt collectors would pressure you to pay the loan immediately and would insist you would be legally accountable if you do not.
To be safe from being taken advantage of these criminals, you should always put this in mind: never give into intimidation. Loan collectors cannot get you arrested, they cannot call your boss or your friends or anyone from your family to make you pay fake debts. Their only option is to get into your head and get you to do what they want.
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