When you are looking to apply for a loan, it can seem like a stressful task. With APR, interest rates and the reputation of the lender to research into, it is important to make sure that you are aware of unauthorised lenders and prevent being scammed. In this article, we will be providing you with insight into what to do If you have been scammed by a payday lender.

The FCA And Their Role

When you are dealing with payday loans bad credit lenders it is important to make sure that you are borrowing from are registered lenders. With the FCA on hand to act as a governing body for you as the borrower, the FCA are on hand should you find that you have been scammed or unfairly treated by a lender that you are using to aid you in a financial emergency.

What Help Can Those That Have Been Scammed Get

Should you believe that you have been scammed there are several authoritative bodies that you can report this to.  With the financial ombudsman service on hand, you can report the wrongdoing to them and they will pursue the lender for you. You can also report the unauthorised lender to the FCA website with the firm reporting form, allowing you to make sure that they will not be able to scam anyone else out of their money. This form will ask you for details about yourself as well as the firm to ensure that all information is accurate.

Report The Incident To The Authorities

The FCA is known to be the sole regulator of the payday loan industry, however, if you have fallen victim to a lender that has not been regulated by them, they recommend you reporting this to the action fraud line. They are responsible for handling incidents such as scamming, cybercrime and so much more, they will work with the City of London police to handle the case. Once data is collected, this will allow you to deal with the relevant department and ensure that you have the right amount of information at this point.

Make People Aware Of Those Scammers

In addition to reporting all this through the proper authorities, it is important to make sure that others are aware of the scammers that you have encountered. Whether this is leaving a review on their site, sharing the information on Facebook groups or to your friends, there are several ways that you can get the news out there to help others avoid this. By being open and honest with your experiences, you could prevent someone else from being scammed, allowing you to also ensure that the firm are not able to lend any money to anyone else and scam them from money.

With this in mind, there are several ways that you can go about reporting an unauthorised lender and ensure that no one else is scammed by any of these lenders. Which of these will you be using to ensure that you are reporting and dealing with unauthorised lenders?