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Be Smart - Avoid Advance Cash Loan Schemes

An advance cash loan can be a helpful resource if you are in need of cash before your next payday. These loans provide a increased cash flow that can be used for aid with balancing your budget. However, it's important to check out the lender before you apply to ensure you avoid the cash advance loan schemes that are out there.

Legitimate advance cash lenders will never ask for any fees upfront. Lenders withdraw the loan amount and fees directly from your checking account, so you never need to send money. If you receive a request asking you to do this, it is a scam designed to steal your money.

Be wary of unsolicited advance cash offers, which can come in the form of emails, phone calls or letters. Check to see if the lender is a member of Community Financial Services Association (CFSA) and is located in the United States

You may receive a request to wire money as soon as possible to another city or country. Your "lender" may tell you to send a loan payment to a second company to finish the loan process, or that there is insufficient money in your account so you need to send your payment right away to a specified location. Do not send the money! Advance cash lenders require you to have a checking account so all the loan transactions can be done electronically. Never send a check.

Another common advance loan scheme involves a fraudulent lender calling and saying you've been approved for a loan, say for $50,000, and that all you need to do to get this loan is give them 10 percent of the amount for "collateral." You send the money, and it disappears. When you try to contact the "lender," you cannot.

Reputable advance cash lenders provide a service that some individuals might need in times of financial difficulty. Be careful of fraudulent lenders. Know how to protect yourself from these scams. You can check on the CFSA website for a list of their members, which will assist you in choosing a reputable lender and not falling into the clutches of one of the advanced cash loan schemes.