KANSAS CITY, Mo., May 18, 2015 /PRNewswire/ — Reform Online Lending (ROL) is sharing tips and advice with older American consumers to help them stay protected when using online financial products.
May is Older Americans Month, and while many groups are focused on helping seniors protect their personal health, ROL wants to help them protect their financial health as well.
“We want to help older adult consumers take charge of their finances by offering tips that can help protect them from fraudulent schemes that target seniors and other consumers of online financial products,” said Mark Curry, founder of Reform Online Lending. “Knowledgeable consumers are better able to identify scams and protect themselves and their finances.”
During Older Americans Month, Reform Online Lending is sharing three useful tips to help older adults recognize the most common scams involving consumer loans:
- No reputable lender will require you to pay by wire or send payments to a personal account. If a lender is requesting you send them an application fee through wire transfer or directly to a personal account, it is likely a scam. Legitimate lenders will never require advance fees for a loan or request payments of a certain form.
- No reputable lender will ever threaten you with arrest or criminal charges. It is against the law for lenders or debt collectors to threaten or harass consumers. If an individual is threatening you with criminal charges, they are likely running a scam.
- No reputable lender will promise credit. If a lender guarantees quick, easy cash prior to you applying or receiving a loan, you may be the target of a scam. A legitimate lender will never guarantee or promise credit.
“Unfortunately, older adults are frequently the victims of scams because financial predators view them as vulnerable and easy targets for fraud,” Curry said. “Too often these consumers are taken advantage of financially, and even robbed of their life savings. The best way to avoid a scam is to recognize one. We believe that with the right information, seniors can take charge of their finances and fight back against the criminals who attempt to con them.”
ReformOnlineLending.org is a program of entrepreneur and industry leader Mark Curry to identify and bring justice to scammers who take advantage of consumers of the online financial services industry. The program is designed to educate American consumers on the scams that are perpetrated in the online lending industry, and to work with government authorities to prosecute scammers who seek to take advantage of the industry’s millions of consumers.
Contact: Reform Online Lending
SOURCE Reform Online Lending