Direct payday lenders who offer fast cash loans online and in nearby cash advance stores often get a bad reputation. The irony here seems to be that the fast cash loan regulations at both the State and Federal level offer a major series of protections for borrowers against Fast Cash Loans Fake Accounts
With traditional banks, apparently such actions are not so well protected, at least not until after their financial scandals are revealed to the public. While there are certainly regulations around the traditional financial institutions, it would seem that they are not as closely monitored as direct payday lenders who do offer the fast cash loans online and in cash advance stores, nearby or far away.
The more traditional financial institutions and banks offering more traditional loan options seem to be held account, and fined large amounts of money that fills government offers but does little to provide any real recourse to the borrower.
When you look at the reality of this as opposed to the massive restrictions placed on direct payday lenders who are offering fast cash loans online, the juxtaposition is both stark and telling. Borrowers can have their loans and related debts forgiven in terms of fast cash loans online but such is not the case when banks and other traditional money lending institutions go out of their way to take advantage of their borrowers with more traditional installment loans and other loan options.
What Are These Fast Cash Loans Fake Accounts?
This story goes back some ten years, and it was supposedly at least, rectified some five years ago. We say supposedly because while there was a major fine for the financial institution involved, it did little to rectify any damage that was done to the borrowers and to their credit scores.
In short, the banks would create fake accounts for borrowers using their financial services, not just fast cash loans, but to borrowers getting home mortgage loans, car loans, and other long-term installment loans from their banks. Worse still, the borrowers never had any knowledge of these accounts unless they were among the few who do keep a close eye on their credit scores and credit rating.
Did You Have to Get Fast Cash Loans to Have Fake Accounts Created?
A report that was actually released in December of 2013 from the Los Angeles Times noted that certain banks were pressuring employees to maintain quotas that were apparently so unreasonable as to encourage employees to actively break laws and endanger their customers.
Bank customers at traditional banks had deposit accounts and even credit cards issued in their names, without their knowledge, and in some cases, even with bank officers forging customer signatures. Had this been the action of any direct payday lenders handing out fast cash loans online or not, the owners would have quickly been sent to jail.
There would not be any need for years of investigations, there would be no simple or mere fine for the direct payday lenders, and the borrowers would quickly have their fast cash loans dismissed with no need for further payment.
Do Direct Payday Lenders Create Fake Accounts for Fast Cash Loans?
Direct payday lenders and fast cash loans online and even the cash advance loans are all heavily regulated. A few years back, there were even major advances from the federal government to regulate cash advance loans even more heavily. In the past few years, crackdowns have taken place that further restrict the ability of direct payday lenders to offer fast cash loans to borrowers.
It is important to note that these regulatory revisions were not entirely without good cause. When you need to find money in a hurry, it does become easier for people to take advantage of you, especially if you do not have the services of someone like Safe Loan who can help you to shop for the best deals on fast cash loans online.
There are many direct payday lenders that will take advantage of people, or at least would if the law were to allow for it. What is amazing, is that the same disdain given to even the most honest of direct money lenders is not reserved for the major financial institutions or credit companies. Why is it that the major financial institutions that have done these things do not have the same bad reputation, even though it seems much more well deserved?
Do Traditional Banks Create Fake Accounts?
The primary area of concern was the fact that deposit accounts were made in the banks, and credit cards were issued in the name of existing customers. All of this took place without the knowledge or consent of the people who were impacted by these illegal activities conducted by “legitimate” lending institutions.
The problems here should be obvious, as if these people can create credit card accounts, they can use those credit cards that were issued. Did this ever happen? There are unfortunately, no reports available that we could find that indicate whether this ever happened.
While it is nice to believe that these people were just trying to keep their jobs, if someone can be persuaded to break the law to keep their job, is it difficult to believe that they may also break the law for personal gain?
Again, this is not meant to disparage any of the hard-working employees that were just trying to keep their jobs, but a question about why traditional financial institutions seem to get a free pass when heavily regulated fast cash lenders and other direct money loan providers are so harshly criticized.
How Do I Know if I Am Safe Getting Fast Cash Loans?
Despite all the federal government regulations for fast cash loans and direct payday lenders, they still seem to have something of a bad reputation. Add in the fact that major banking institutions receive a relatively small fine, and nobody goes to jail, and that direct payday lenders would receive an instant term in jail, and this is even more befuddling.
The fact of the matter is that complaints even about relatively inconsequential matters are placed under heavy scrutiny when it comes to direct payday lenders offering fast cash loans online or in nearby cash advance stores. There will be no investigations spanning across years or even decades when it comes to complaints about same day online lenders.
If you are wondering whether or not you can trust those bad credit loans online with no credit check required, think for a moment about literally thousands of traditional bank customers having bank accounts and credit cards issued in their names. Now think about how fast your problems could be rectified with those nearby same day lenders when everything you need is a mere phone call away?
Will Safe Loan Create Accounts in My Name?
Safe Loan does not create bank accounts, and it does not issue credit cards, but merely gives you the opportunity to find the best deals for fast cash loans online for free. With Safe Loan you just fill out one fast cash loan online application form and we do all the shopping for you. Once you have been guaranteed approval for a fast cash online loan you will be notified in your email and you can often have the money deposited directly into your account, frequently on the very same day.