It’s safe to apply for a personal loan online as long as you go through a reputable company with a secure website. Never give out any important personal information (date of birth, Social Security number, bank account numbers) unless you’re certain you’re working with a legitimate lender. Here are some red flags to look out for:
Advance payment fees: Reputable companies don’t charge fees before you take out a loan. Lack of address: Always verify the company has a physical address. Interest rate inflation: An extra interest point and a few more months on your repayment schedule can cost a lot. Copycat names: Sometimes, fraudulent online lenders use a logo and font similar to those of a reputable company. This is intended to trick you.