Internet Loans

Worth the Risk?

In today's internet environment many companies are now offering "great deals" on "easy to get" internet loans. These loans may be easy to obtain, but may be a nightmare in trying to pay them off.

The DFI's advice is "BUYER BEWARE". The vast majority of these loans are offered by companies that are "NOT LICENSED TO DO BUSINESS IN THE STATE OF INDIANA."  Many of these companies DO NOT follow the Indiana laws that legitimate companies have to abide by. There is a high probability that you will have a problem with your loan. If this is the case, there will be no one that you can turn to for help. These companies may be located anywhere inside or outside of the United States. It will be extremely hard for you to determine where these companies are located.

The DFI's advice is: Identity theft is too big a risk to take. Do business with someone you know. Borrow from companies licensed and/or regulated by the state or federal government. Then if you do have a problem, you will have someplace to go for assistance.

If you are not sure, then do not hesitate to contact the Consumer Credit Division of the Indiana Department of Financial Institutions.