A payday loan is a good way to get the money you need when you need it and get yourself out of a bind. But it’s also a good way to fall victim to a scam. 

Below are some helpful tips to protect yourself from payday loan scams. 
Don’t do business with anyone who initiates contact with you
One of the more common payday loan scams happens when a person is contacted by a “payday loan company” by phone or email. The scammer pretends to be a representative of the company and offers the person a loan or claims the person owes money for a previous loan and tries to collect on it. 

These fake companies often use non-business email addresses like Yahoo, Hotmail, or gmail and may contain broken English or spelling or grammatical errors. They may also threaten to sue you, arrest you, or garnish your wages in an effort to scare you into paying up.   

If you receive a call like this, ask for the phone number and address of the company. A scammer will not want to give out any such information, but a reputable company gladly will. Better yet, only get a payday loan from a company for which you make the first contact.  
Don’t send any money in advance
If a company asks you to send money in advance for “taxes” or “processing fees,” it’s more than likely a scam. Reputable payday loan companies collect all fees at the time your payment is due. 
Check with the Better Business Bureau 
Before doing business with a payday loan company, check their rating with the Better Business Bureau. This will give you an indication of how trustworthy the company is. 
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