New Payday Loans No Credit Check Scam to Avoid

Looking for the perfect way to bridge your finances to the next payday?

Before you enter your details into an online payday lenders site, step away from your keyboard; you might be about to fall victim to the new payday scam.

With new options hitting the market all of the time, picking a good company can be a nightmare.

In our article we explore the new scam that you must be aware of!

First payment upfront

hand holding 20 pound notesFirms, which are thought to be foreign, target people with limited financial options, who are rejected by banks and forced to use forms of online borrowing.

The premise of this particular scam is to offer a pre-agreed sum of £2,000 (for example) which can be repaid at a reasonable rate on the assumption that the first payment is paid upfront.

Once this payment is made, the unsuspecting borrower will hear no more from the company and the remaining balance will never be transferred into their account, leaving their financial position far worse than it was before.

A Recent Example

A recent example of a new  scam was reported in the Hull Daily Mail and resulted in a cash-strapped father being conned out of £100s by a devious scam targeting vulnerable borrowers.

The delivery man from Beverley was conned out of almost £300 by a bogus operator who fooled him into handing over money in exchange for a quick £3,000 which  never arrived.

The 43-year-old man, who does not want to be named, said:

“All I wanted was to help my children so they aren’t struggling but now, it has left me broke and struggling. I am robbing Peter to pay Paul.”

Hull Daily Mail

Testimonial Hull Daily Mail

Tips to Avoid Being Exploited

Common sense and staying aware are both vitally important when it comes to staying ahead of any potential scams.

To help you further, we have drawn up 3 of the most important tips to help avoid being exploited.

  • If something seems too good to be true, it probably is
  • Do not give out your bank or personal details to anyone who approaches you out of the blue
  • Do not pay any money up front!

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