Bad Credit Loans In Canada - Scams? Be Careful

I got a call at 6:30 am this morning ( OUCH ) from a young 20 year old woman got scammed with canwestcredit.com. She was at work and couldn't spend alot of time reading our site which is full of information on these Bad credit loan scams.

This painted a scenario for somebody who would apply for a bad credit loan.

If you've got bad credit and recently have applied for a loan with Royal Bank, TD Canada Trust, Bank of Montreal, ScotiaBank, Bank of Commerce, and have been denied, then you need to take heed to that.

There are other lenders that may help you out such as HouseHold Finance, which is a HIGH RISK lender.

The point is, if you're desperate for a loan, you're probably going to shop at places on the internet that indicate that they can help people with bad credit.

The scammers are telling unsuspecting people that they can help give them a "bad credit loan". This is obviously appealing to those who are desperate for money.

FIRST POINT TO KNOW:

It's illegal for a loan company to ask for a fee or down payment up front in order to give you Cash loans bad credit. This is the first alarm bell.

If a bad loan credit officer asks you to wire them money via moneygram, or western union, your money will most likely disappear!!

SECOND POINT TO KNOW:

If you're not familiar with the bad credit lender, then they may not be legitimate. If you're seriously thinking of dealing with this company, you need to keep in mind that lenders and mortgage brokers must be licensed to do business in your province. You can call Consumer Protection-Corporations branch to see if this Bad credit loans in Canada company is registered with the Provincial or Federal governments. ( Banks are registered Federally in Canada )

THIRD POINT TO KNOW

Just because a bad credit loan company has a phone number, doesn't mean that they're in Canada.. A phonebusters.com representative that I interviewed suggested that with the tools on the internet, scammers can get a phone Canadian phone number and have it forwarded to Hong Kong or some other far away place. This means that the predators might be living in a far off land while you think they're in Canada.

FOURTH POINT TO KNOW - IDENTIFY THEFT

NEVER NEVER NEVER give out personal information such as social insurance number, date of birth, address to people or companies you don't know. In this case, these bad credit loan scammers are more than likely going to steal your personal information and use it to buy products using your name. You'll get the bill for these stolen products and get stuck with hours and hours of explaining to do with the suppliers that are being stolen from. www.badcreditloansincanada.com

Article Source: http://ezinearticles.com/?Bad-Credit-Loans-In-Canada---Scams?-Be-Careful&id=772134