How can I verify the legitimacy of an on-line loan company?
Question Details:
HOW CAN I VERIFY A COMPANY OUT OF STATE IF THEY ARE LEGIT. APPLIED FOR A BUSINESS LOAN IN THE AMOUNT OF $10,000 AND WAS APPROVED. MY CREDIT IS BORDERLINE AND THEY ARE REQUESTING I PAY COLLATERAL UPFRONT TO SECURE THE LOAN. THEIR WEBSITE STATES THIS MAY OCCUR WHEN CHECKING FOR LENDERS.
Business Law Answers
Also, just try to Google this company. You'd be surprised how many companies have all required licenses but turned to be an awful help for consumers.
Businesses in the US are required to file with the secretary of state in the state that they are located. Lenders are also required to have certain licenses and abide by certain state and federal guidelines. the way to truly determine whether the company is legit is to find out the state that the company is incorporated (you can look on the company's website or ask someone at the company). then call the secretary of state and find out whether the company is a validily existing entity. If the state's records confirm the company's validity, the final check is to call the consumer protection department as ask to confirm whether this company has any licenses to be a lender in the state.
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