It is a fact that consumers simply love to shop online. In recent years, a growing number of consumers are finding everything they want with a simple Google search. Much of the reason for this is convenience, but there is still a bit of doubt about whether or not financial transactions are safe. There has also been a lot of press being given to those mammoth cyber attacks such as those that struck JP Morgan Chase, eBay and Equifax. If corporations the size of those can get hacked, what does it mean when choosing an online lender? Is your personal information going to be safe, and can you trust that any information you divulge won’t be shared with third parties? If you are still concerned with comparing lenders online, here is some of what you should look for.
Transparency
When comparing lenders, transparency is huge. If you are interested in a lender, take the time to read all the fine print before divulging too much information. Learn to read interest rates because there is a very real difference between interest rates and an APR. Too many lenders obscure the fact that the cost of their loans is higher than the norm by wording that confuses one for the other. Even transparency in Central Banks can be called into question, so take the time to see if you are being misled.
How Safe Are Your Online Transactions?
Another huge concern among consumers comparing online lenders is Internet security. This is why so many people are now turning to comparison sites where you only need to enter your personal information once. Instead of giving all your financial, employment and personal information several times, you can enter it once and the lending broker will match you to loans they feel you qualify for.
Levels of Security
This brings us full circle to security. You should ask yourself how secure a lender is before transmitting any sensitive data at all. Does the comparison or lender’s site have an SSL certificate? You will know this by looking at the URL. Is the URL http or https? Only sites with valid SSL certificates will have an ‘s’ in the address. Does the website you are looking at post what Internet security they have installed? You can also research whether or not they’ve ever been breached and if a company like Secure Forensics has ever had to recover lost data that was wiped by a cyber-attack. The Data Recovery team is often able to recover any lost files deleted during the attack and will have helped to install the latest website security.
Always check to see what kinds of security any financial institution is using so that you can feel confident your information will not fall into the wrong hands. Remember, you want to qualify for a loan, but you also don’t want your personal information to fall into the wrong hands. Look for transparency in rates and then take the time to read some real reviews. The Internet can help you find the best rates, but it can also leave you open to attack. This is the foundation of what you need to know when comparing online lenders. Safety above all else.