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Be Wary

If you are asked to wire money for your cash loans, immediately drop the transaction. First, advance fees are not required for cash loans. And next, legitimate lenders do not transact via wire transfers.

Wiring money is one of the many scams involving cash loans. This is especially true to people who were invited to apply for cash loans in person rather than do the application electronically or online. If you are one of these people, do not just rely on what the account executive or so-called broker will tell you. They may ask you to pay for advance fees, justifying that they either need to get you an account in accredited banks or financial institutions, or that the money is your payment to them for processing your application for cash loans.

Another red flag that is a dead giveaway that you are talking with a scammer is if they will ask you to send the advance fees via wired transfer. If they even mention Western Union or Money Pak, back out immediately from your loan application.

Legitimate lenders usually use checks for their transactions, such as when you pay your cash loans. Only fraudsters will ask you to wire money and communicate purely via telephone only. This is because these steps leave very little to no trace of the scam. Also remember that advance fees are not required for cash loans because these are short-term and immediately funded loans.