With Cyber Monday upon us, it’s especially important to make sure you’re protecting yourself while shopping for loans online. We’ve made a quick online video that outlines three key aspects of borrowing smart over the internet.
Protect Your Information
1) Look for a green padlock and https in front of a url – this means your information will be encrypted. And remember, never send confidential information like social security numbers or bank information via email as it is not encrypted.
Look for a License
2) Borrow from a licensed lenders only: look for a clearly visible license on the lender’s site. This means you’re dealing with a lender who is licensed to operate in your specific state. It can be a safer, cheaper option and gives you more consumer protections.
Check the Price
3) Pay attention to price: Consider the fees – are they clearly visible and straight forward? Read the fine print and look for red flags like annual fees, prepayment fees, and late fees. And finally, watch out for lenders that won’t show you the fees until you share your information.
And just a reminder, these and other free education videos are available at www.lendup.com/education - be sure to log in so you’ll earn points as you take them!