Personal Information Risks

Posted by on Jul 6, 2006 in Pitfalls

Personal Information Risks

Online payday loans put your personal information at risk.

Internet lenders do not have physical access to your identification and other documents so they need to ask for a lot of personal information – much more than they would need if you were applying in person.

Sometimes, this leads to privacy invasions and personal information abuse…

Without access to physical documents and identification, online lenders may ask you for additional information such as:

  • social security/insurance number
  • driver’s license
  • mother’s maiden name
  • detailed bank account information

Unfortunately, you run the risk of having this information intercepted:

  • at your computer (if your pc is compromised by hackers, trojans, spyware, etc.)
  • at the lender’s computer (if their pc/website server is compromised or if they have disgruntled employees)
  • in transit (if your information is not encrypted properly)

Unethical lenders may even sell your personal information. This can lead to:

Some payday loan sites exist solely to collect your personal information. Be wary of:

  • mystery meat lenders
  • publisher and affiliate sites
  • personal information harvesters
  • sites set up by identity thieves

Whenever possible, consider payday loan alternatives or seek offline lenders.

If you absolutely must use an online lender, be sure to find one that:

  • uses encryption to transfer information
  • has a well-made, standards-compliant website
  • has a solid privacy policy

And always keep your own computer fully updated with the latest anti-virus/spyware definitions.

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