- Company Identity Disguised
The first characteristic of illegal online loans is the company’s identity being disguised. Actually, it’s not just illegal online loans, companies engaged in any field will tend to be open about their company identity so that many people can find out, from office addresses, phone numbers, and so on.
However, this certainly will not be done by a company that already has bad intentions from the start.
Often times, companies acting in the name of online loans will disguise the company’s identity including the names of their employees to avoid the possibility that customers will report to the police because they feel they have been harmed or suspect fraud.
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When all identities are disguised, the authorities will find it difficult to investigate or find out about the company.
- Unreasonable Convenience
The next characteristic of illegal online loans is that it is so easy to apply for a loan. Even so easy, you can think it makes no sense.
For example, there are no requirements for filing or disbursing funds so quickly.
It is not uncommon for online loan companies to offer convenience to attract public interest.
But usually, trusted online loans will not just accept submissions, but must go through various processes first.
For example, every application form from a prospective customer needs to be checked first, starting from personal identity to complete requirements. However, if the application is accepted immediately, then it is suspect.
- Non-Transparent Calculations
What is meant by non-transparent calculations are online lenders who do not provide detailed calculation structures to their customers.
They only give the final result the amount of money you have to pay without telling about what things have been included in that amount, whether it’s interest, admin fees, and so on.
When you apply for a loan to a company that does not want to provide you with a transparent calculation, then you deserve to be suspicious.
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- Billing by Intimidation
The last feature that you need to know about illegal online loans is that the collection method tends to be intimidating.
According to the code of conduct or written documents that regulate the company’s procedures or behavior, online loan companies may only collect payments to customers during working hours.
This is because if it is outside, it is feared that it will interfere with customer comfort.
Meanwhile, for illegal online loans, they do not stick to these regulations and instead charge their customers anytime and anywhere, without knowing the time.
Not only that, individuals from illegal online loans will usually contact the people in their customer contacts as a way of “terrorizing”.
But usually they will contact the closest people, such as parents and other family members.