Have you ever thought of getting loans by phone? Is it possible? In our life, sometimes we have situations when we need to pay any extra charges like utility bills, bank overdraft charges or some emergency costs, but we cannot afford this through our bank accounts. These situations are odd. We find it too much difficult to balance our accounts and these extra charges. Sometimes, there are paydays before our paychecks come to our hand. This is also another situation when we are at stake. In these situations, payday loan works as a remedy. Payday loan is simply a short-term loan that provides some cash in advance to fix problems of paydays.
Hence, we are getting busier with our business, office and other activities; sometimes we need money, but cannot manage time to appear to a financial institution to get the loan approved. That is the reason for which services like those that loans over the phone has evolved. It is the perfect solution for people who want to get their loan approval done over the phone. Let us have a quick look at this amazing facility of getting loans by phone.
What does ‘loans by phone’ mean?
It is simply a loan management service that enables people to get a hassle free loan by phone. It is a kind of payday advance over the phone. People will not have to go to a bank or financial institution to get cash in the loans by phone service. The total process is done over the phone. A customer support officer of the lending service manages the total thing. All you have to do is to call.
How does loans by phone work?
So, how does the mechanism for any cash advance over the phone really works? Well, it is said to be as simple as milk and sugar. Every lending company does have their sites and there is phone numbers, which may be called as payday loan application phone numbers, credit check loans phone numbers or pay day phone numbers whatever you call. It is the key to get the cash advance over the phone. There are representatives of the lending companies on the other side of the phone waiting eagerly for your phone. The representative will ask some questions like your address, contact number, bank account number etc. The process is done within a few minutes and it is said that money will be forwarded to your account within a few hours. Therefore, you have your cash!
The real picture of loans by phone
Wait! Is it so easy, really? Let us have a look at the real picture of loans by phone. In the real world, getting payday loans by phone is not really like milk and sugar! Rather, it is sometimes like the taste of bug bites!
Most of these companies are not lending, rather, they are some kind of broker. When you pass your information to a representative of such a company, instantly you will get mail as your application for a loan has been granted or approved. In addition, of course you will see a huge interest to pay with the original amount. This rate may sometimes cross the annual percentage rate of 1000 percent. Often you may be granted amount more than you have applied for. Suppose, you have denied to take the loan by seeing a huge rate of interest. What happens then? This is not the end of the picture. ‘Spot loan reviews’ has found several reviews that this is only the beginning. Probably, you have provided information to a loan broker or agent who has obviously passed your information to several companies. You will be flooded with calls from different companies. In fact, you have passed your information to a body called lead generator. Their task is to pass your information to different companies or lending bodies. Many of these bodies will offer you greater amount than your demand and of course a handsome rate of interest!
The above is somewhat the modest picture in contrast to recent time! In recent times, it is worse than this! Several reviews tell the story of criminal activities centering payday phone loans. Reviews say that sometimes, criminals in the disguise of representatives of a company contacts with people with attractive offers and packages. By this way, they collect sensitive information like credit card number, bank account number, confidential telephone number and other personal information. These are then used to force the victims to take money or blackmail them. A report from the FBI has said that they have received several reports of abusive activities regarding online payday loans loan by phone. These criminals contacts rapidly with delinquent people and often they threaten them of bodily harm and use abusive language. There are also occurrences of telephone line jamming so that the victims’ call for help would not reach the emergency services! So, be careful before making contact with an online payday loan company!
You can avoid taking a loan from these scammers by many alternatives. Take a look at our spot loan reviews to learn more about loans by phone and other topics.