If you want to avoid getting involved in a cash loan scam, you will need to look into providers like Cashwell Loans’ credentials, information, and upfront payments.
Not all the companies that promise to offer cash loans in South Africa are legitimate, and it is important to do your homework before you sign any contracts or make any payments.
Is Cashwell Loans legitimate? – How to identify cash loan scams
The world is changing, and these days, there are countless ways to go about securing cash loans.
Unfortunately though, while there are many legitimate loan providers operating in South Africa, there are also many fraudulent scammers who are out to take advantage of people in desperate need of some extra cash.
If you have come across an offer or two from a company called Cashwell Loans in South Africa, you may have thought that this was a convenient way to bump up your capital.
However, it is always better to be safe than sorry when it comes to lending large sums of cash.
There is often no real way of determining which cash loans are scams (and which are not), until it is too late.
But there are a few best practices that can help you determine whether Cashwell Loans (or any other company providing this type of service) is really your safest option.
1. Check the company’s credentials
The easiest way to put your mind at ease when you are loaning money is to look up the credentials of the company that you are considering making the loan from.
In this case, Cashwell Loans brings up a number of red flags. It is not a registered business in South Africa and is not listed anywhere on the Financial Sector Conduct Authority’s (FSCA) or the National Credit Regulator’s (NCR) lists of registered financial institutions of registered credit providers.
Therefore, you may want to tread carefully when making use of this company’s services.
2. Take note of the lack of information
As it stands, Cashwell Loans’ website is offline. However, it is important to wait until your cash loan providers’ websites are available and active so that you can double-check details, such as the physical address, the website security, the contact information listed, and the terms and conditions that you may be agreeing to by taking out a loan.
3. Be wary of extra fees and charges
Legitimate lenders do not require any upfront fees or deposits before they approve your loan.
And you should be careful of any cash loan company that requires upfront payment to cover service fees, administrative fees, or any other kind upfront payment before releasing your loan.
If you suspect that a company, like Cashwell Loans, is delaying paying out your loan by requesting the payment of fees, it is always best to investigate further before making any payments.
