How Safe Are Online Lending Platforms?

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Aarzu Khan
A full-time data scientists and a part-time industry analyst; still learning power of effective presentation and firm believer of the thought "Numbers are always magical". Love to be in the network of people who 'know' how to respect their time and keep others engaged in meaningful activities.

The digital era brings a new level of availability of products, services or information. All of it at your fingertips. A phone was once a device that you used to call another person and now it has become a tool essential for your daily life. The number of available resources, services, and products online is huge. There are 182.7 million active websites on the internet nowadays that serve all types of information you may need round the clock.

Although it’s an era of availability and great possibilities one issue seems to be insolvable. Data security is something people need to deal with every day. Identity thefts, scams and misleading ads are just a wrong click away and you can kiss your data goodbye. In this modern age, companies are struggling to provide better security for customers’ data, especially in the financial sector. Online lending is one of the newest trends and it too has to deal with the issue of data safety. In 2018, cybercriminals reportedly pocketed $2.7 billion from extortion, email compromise, tech support fraud and payroll diversion alone.

Despite all the challenges the financial sector has been thriving with each passing year, all thanks to the internet and data processing mechanism. For example, the possibility to apply for loans online is amazing and it saves time and resources for both the lenders and the clients. The processing time is cut and the availability of lending platforms on a phone, tablet, laptop or PC anywhere with an internet connection is what makes the platforms popular. There are more and more platforms available which beg the question: Are they safe enough?

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You can never be too safe when it comes to security online. Because of this lending platforms put a special emphasis on security so their clients can sleep soundly knowing that their financial information is secure. Some lending platforms use cryptocurrencies to provide loans which adds to the level of security because all you need to access your eWallet is an account and no personal information is needed.

When looking for an online loan you’re likely to come across several platforms with such services. They will all provide loans with low-interest rates, but how will you know if they’re legit?

Before opening such a website you should do a little research on the company. The first thing you need to do is find a physical address that will serve as a confirmation that the company is real. The next step you should take is to find a third-party verification and research the owners. If everything’s fine you move on with the verification.

Looking for reviews will help you determine how good a company is. Reviews from people might not always give you relevant information since anyone can post a comment online, but reviews from other businesses might. Before you make up your mind do this research with a handful of platforms and see everything they have to offer. The last thing you should be on the lookout for are lead gatherers. They’re sites that gather your information and sell it to lenders across the country so when looking for a loan start with the lender.

Online lending is a trend that won’t go down in the future. More and more companies will emerge to establish themselves as the best among the competition and finding an online lending company with incredible processing speed, low rates and conditions favourable to clients will prove difficult soon.

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