What are Legitimate Online Loans?

What are Legitimate Online Loans?

When you need an infusion of cash, applying for a personal loan might seem like a natural option. But have you ever considered what would happen if something went wrong in this whole equation?

Maybe you end up taking on more debt than you can afford to pay back, leading to a debt cycle that may generally be tricky to get out of. Maybe your loan payments fill your budget to the brim, leaving no room for anything other than essential expenses. Or maybe you end up doing serious harm to your credit score.

What these examples show us is that applying for a loan without putting the time in to make sure your financial situation is stable enough to handle the extra debt can be a dangerous business. But that’s not the only thing you need to be careful of.

If you stumble into an opportunity to accept an offer for an online loan, it must be safe, right? Well, not always. There are plenty of scammers looking to prey on unsuspecting people who are in desperate need of money, and it’s for this reason that it’s essential for you to keep an eye out for warning signs of an online loan scam. Once you know what to look for, you can direct yourself towards legitimate loan companies that you know will have measures in place to safeguard your personal information.

Let’s take a look at what legit personal loans are and what you should look out for to avoid an online loan scam.

Defining Legit Online Loans

Legitimate online loans are simply personal loans that are either funded and/or serviced by reputable organizations who comply with all applicable state and federal laws. These loans can come from any financial institution that offers or services loans online. Another key detail is that with these loans, all (or most) of the application, verification, funding, and repayment processes happen online.

By contrast, loan scams are offers for personal loans that you can’t trust. Their aim to is get a hold of your personal information, get you to pay illegitimate loan fees, get access to your Social Security number, and do all this without you ever getting any money.

When you encounter these offers, they may tell you that they won’t need to verify any of your financial or personal information, they don’t care about your credit score, or any number of things to get you interested.

It’s because of people like this and the potential consequences you’ll face for being in business with them that you need to do your due diligence when searching for legit personal loans.

Warning Signs of Online Loan Scams

So, what should you be looking out for when trying to spot signs of a scam? Here are some tips to help you out.

1. Poor Customer Service

If you end up on a call with a representative from a loan company and they start to really apply pressure to get you to take out a loan or send them money in order for your to receive the funds, then look out. There’s a very good chance that you’re on the phone with a scammer.

Legitimate loan companies will never pressure you into applying for a loan. In general, they should always urge you to carefully review the terms of a loan before you accept an offer, and customer service representatives should be there to answer your questions and provide you with guidance, not harass you into making a decision.

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2. Conflicting Information About Your Loan

When it comes to legitimate online loans, transparency is the name of the game. That means that all the terms and details of your loan are clearly laid out in your loan agreement, and you don’t run into any hidden fees at any point during the borrowing/repayment process.

If any of the terms or figures of the loan being offered start to shift around, be on your guard. Maybe someone calls you to offer you a $5,000 loan, only for you to find out later that the number is actually $3,000. Or maybe you get an unsolicited email telling you that you’ve been approved for an $8,000 loan in the body of the email, but the subject line says $10,000. If these numbers start to jump around, you may be looking at a scam.

It’s true that legit loan companies may quote you a particular loan amount in an email that could change down the road once your personal and financial information have been verified, but in these cases, there should be clear and open communication throughout this process. No reputable company is going to change these amounts without explaining why this is happening. So, make sure to keep a close eye on any communication you receive from the loan company you’re dealing with, and be sure that everything is making sense.

3. Faulty Company Information

In order to get into your good graces, someone trying to scam you may front as a legit loan company that you’ve heard of, or use a name so similar that you may not notice the difference. This is how they’ll try to lull you into a false enough sense of security to get you to accept a loan from them.

Before you sign any agreements or hand over any piece of personal information, there are a few things you can look at to try to discern whether the person contacting you is offering legit loans or not. For starters, you should pay close attention to their email address. An actual agent from a legitimate company would be using a branded email address. If the person you’re communicating with regarding the loan isn’t, then you may not be receiving a legitimate or safe loan offer.

Next, start looking for other pieces of information that you can easily validate. For example, if you’ve received an email offer, is there a phone number attached to it? If so (or even if they’ve called you initially), check to make sure this is a company number. If it’s just a private number – or maybe it’s not an active number at all – then be wary.

Lastly, do a simple search online to check to see if the website of the company that the person contacting you says they are from is legitimate. Do they have state licenses visible somewhere? Are loan details easily accessible? What do they say about their safety measures? These are all important details to look out for to make sure they’re offering legit online loans.

Legitimate Personal Loans Through MoneyKey

MoneyKey is an online direct lender that provides short-term, unsecured Loans and Lines of Credit to underserved consumers through a safe and secure platform. MoneyKey also arranges Installment Loans as a Credit Access Business and a Credit Services Organization in the state of Texas and services Lines of Credit offered by CC Flow, a division of Capital Community Bank.

If you’re in search of legitimate online loans to help you out in a financial emergency, MoneyKey may be able to assist you!

Simple Application

  • Get through an application for a personal loan online in just a few short minutes.
  • It’s a simple and straightforward application process.
  • As long as you’re able to access the internet, you’ll be able to apply for legit loans through MoneyKey.

Fast Approval

  • Verify your info with our Customer Care team and you may be approved in minutes.
  • Our Customer Care agents are friendly and helpful.
  • We’re here for you 7 days a week to guide you through any part of the application process.

Quick Funds for Emergencies*

  • If you need financial help in an emergency situation, you can get the funds you need quickly.
  • If you need money now online, you may be able to get your money as soon as the same business day*.
  • A fast and simple way to get the funds you need, when you need them.


Make Sure You’re Working with Legitimate Loan Companies

When you’re in a sticky financial situation, it might be tempting to accept the first loan you’re offered without a second thought. But no matter what your situation is, you always need to put in the time to make sure that what you’re being offered is coming from legit loan companies. If not, you could end up in a much worse situation than you were in before.

It’s also important to make sure you’re looking at loans that are suited to your circumstance and that you can afford to take on debt in the first place. All in all, do your due diligence, research what’s out there, look at your own financial situation, and find legitimate online loans that are geared to your own situation.

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Not all applications are approved; duration of approval process may vary. Credit limits/loan amounts are subject to further verification criteria. If you are a returning customer, loan amounts may vary.

*If approved, any requested funds may typically be deposited into your bank account the same business day; timing of funding may vary by product and state. The date and time funds are made available to you by your bank are subject to your bank's policies. For specific funding cut-off times, click here.

**You may request a draw from your Line of Credit at any time, so long as you have available credit and your account is in good standing. In the State of South Carolina, you can withdraw the total credit available to you all at once, or in smaller amounts over time as you need it, with a required minimum draw of $610.

As you move through your credit journey, your account may become eligible for reduced charges and/or increased credit limits/loan amounts based on good payment history over time. You will receive notices, as applicable, regarding your individual circumstances and eligibility.

Depending on your state of residence, applications submitted on this website may be originated by one of several lenders, including: CC Flow, a division of Capital Community Bank (CCBank), a Utah Chartered bank, located in Provo, Utah, Member FDIC. The CC Flow Line of Credit is provided by CC Flow. Additionally, CC Flow maintains critical control over loan origination, underwriting approvals, and regulatory and compliance oversight management. MoneyKey is an authorized servicer of CC Flow. This means the CC Flow Line of Credit is available through MoneyKey and you will maintain your CC Flow Line of Credit account through MoneyKey.

Product availability varies by state. To see loan products offered in your state of residence, please visit our Rates and Terms page.

MoneyKey – TX, Inc. is licensed as a Credit Access Business (CAB), License No. 16641-62815, by the Office of the Consumer Credit Commissioner and registered as a Credit Services Organization (CSO), Registration No. 20110150, by the State of Texas. All loans for which MoneyKey acts as a CSO/CAB are funded by an unaffiliated third-party lender and serviced by MoneyKey. In the State of California, MoneyKey – CA, Inc. is licensed by the Department of Financial Protection and Innovation pursuant to California Deferred Deposit Transaction Law License No.1004516.

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