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How to Avoid Payday Loan Scams

By Brown Ezilon.com Articles Published 06/10/2011 | Payday Loans

With the economy going downhill and the general financial negative atmosphere many people are experiencing increasingly difficult financial situations, which in turn need to be solved with some sort of loaning solution. One of the solutions that is becoming more and more popular is the payday loan choice, hence the loaning companies that propose this type of loan are also popping up everywhere in the country.

Due to this increase in demand and offer there seems to be a wide selection of loaning companies willing to offer you payday loans until your next paycheck comes in. In fact, you will easily find these loaning companies in precisely those places where there is a higher concentration of the population who often has financial problems, which seems downright practical, but of course purposely planned out. In addition to actual loaning offices and shops there are also thousands and thousands of websites that propose payday loans in no time and with the least possible hassles.

Precisely because there is such a large number of loaning companies and people in financial difficulties, the Internet is the ideal site for relentless scammers and frauds. Some websites call themselves loaning companies and can trick people by having them sign for a trail of thirty days and will charge them at the end of the trial date in order to flat out their identity of theft.

To avoid these scams and find a genuine and reliable loaning company who will fund you with a payday loan there are a few steps you should consider. The way to proceed is actually very simple, so much so that most people do not even think about it because it is so obvious.

This simple anti-scam test is the CFSA seal, or "The Community Financial Service Association" seal, which all loaning companies should have. This is a service that regulates and controls the loan payday industry, and is there to make sure consumers are not being cheated.

All the payday loaning services and their websites should have the CFSA seal that certifies they are being monitored by the financial association and if the seal is not there then the loaning company is not a genuine service and you will most likely run into a scam.

So, when searching for a payday loaning service it is important you verify whether they have the CFSA seal clearly visible. For a further and more complete check you can also check the safe list of those payday loan services that are covered by the CFSA seal on the Internet directly through their website at http://cfsaa.com/.