How to Avoid Common Business Loan Scams

People in the business industry are more susceptible to online scammers which call for the need for a well-established financial education. Understanding how to determine legitimate business loans is the best way to prevent loss.

In this article, you’ll be able to know our top 3 tips for avoiding small business loan scams.

1. Don’t overshare.

Legit financing companies or organizations won’t randomly ask you to provide personal information over the phone, email or text. This is usually being done via formal letter with informed legal consent. If a company you think is real asks for your credit card, or bank account numbers, don’t do so digitally. Contact them using their website or find their publicly listed phone number.

2. If It Seems Too Good to Be True, It Probably is.

A good rule of thumb to avoid business loan scams: if it seems too good to be true, it probably is. For example, if a lender is promising you free cash or an incredibly low-interest rate, don’t rush into it.

3. Do your research.

If you’re uncertain about a loan provider and you think it may be a scam, reach out to your network. If you need additional assistance, contact a reputable business organization.

One of the most trusted and legit lending companies in the Philippines is Kayamo. It is the official financing partner of Lazada Philippines. Moreover, the company has already been attending to over thousands Shopee and Lazada Sellers in the country. To learn more about Kayamo, you may visit www.kayamo.ph.