STUDENTS, SAVE YOURSELF FROM PRIVATE LOAN SCAMMERS
Students, Save Yourself from Private Loan Scammers
After getting their hand on that precious diploma, the first obstacle faced by young individuals upon entering the real world is the heavy burden of their student loans. There are some who resorted to the services of private loans. However, this move can sometimes be risky, as there are a lot of companies that may take advantage of you and leave you with more fees than you originally have from the start. Fortunately, these kinds are easy to spot--warning signals can usually be identified just by the servicers’ words. Here are some red flags of loan offerings:
Asking for a huge amount of payment beforehand
This should automatically hint that something is odd, since you are not supposed to pay anything until you get the needed recommendation.
Too much interest on personal info
Beware of this, especially if it involves details of your financial accounts such as SSS numbers. If you are bombarded with questions that does not seem to have any relation to your current situation, it may be a sign that the firm is not legitimate.
Promises of overnight results
Repaying educational debt is a gradual process, not something you can finish in a week. Be alert if your servicer guarantees a total wipeout of your deficit in a short period of time.
In these cases, even banks can be a bit of a problem, since if you are victimized by swindles, it may drive the cost of your debt repayment, as happened in Wells Fargo wherein the firm ended up compensating $3.6M and providing $410,000 of cash to affected borrowers. Aside from this, the company was also said to have failed in providing customers with necessary information about their reports, and charging them with illegal fees.
To stay clear of these headaches, you can build an equal playing field between you and your servicer from the start. Below are additional ways to evade being a victim of a fraud like this:
Organize your records
This is primarily for the purpose of evidence, so you have a concrete proof of your every transaction. Keep everything from conversations to documents since it will be handy in the future.
Ask for explanations
If you think you have been treated unfairly in some way, ask for an elaboration, to be able to understand each detail of your query.
Keep track of your account
Check your accounts on a regular basis. Monitor your balance as well as the amount of interest being charged to you. Also, be fully aware of what kind of fees you're paying, and if you are really subject to compensate for those.
Do not hesitate to complain
If you confirm that something is really wrong, because these appeals are taken by the bureau seriously.
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