No. Helix loans are not a scam. Helix by Bank of Orrick is a highly-rated non-prime, consumer lending company because of its above and beyond customer service, honesty, and empathetic approach. We are excited to have the opportunity to serve the City of Kansas City and beyond.
10 Ways to check if a loan company is legitimate
If you are hesitant on whether or not Helix by Bank of Orrick, or any lender for this matter, is a legitimate Lender, take a look at our “8 Ways to Spot a Loan Scam” blog post and get more information on how to weed out lenders you DO NOT want to get involved with.
Keep reading for some quick pointers on what to look for in order to make sure the online loan company you’re looking to work with is in fact legitimate.
1. A physical location is available
This is most likely the first real sign of legitimacy that you should be looking for when researching a potential lender. Most fraudulent entities do not post physical addresses and make it quite difficult for consumers, and even their borrowers to contact them in the event something goes wrong. Make sure you find and address, and do your research on that as well! Take to Google Maps and make sure the address listed isn’t someone’s home, an abandoned building or in the middle of the Dead Sea.
2. You have more than one way of reaching the company
Besides finding an address, your lender should have other ways for you to contact them. An email address, customer service phone number, and even a chatbot are all viable options for you to get your questions answered. Having access to the right information will make you an educated borrower, and much more likely to be able to pay your loan back in time.
3. Company performs credit checks
All legitimate lenders will be interested in your credit history, especially if you’re applying for a personal loan. A lender who does not care about your payment history or credit score is more than likely someone you do not want to borrow money from.
4. The terms and conditions are available and clear
Do you know what your terms and conditions are? If things aren’t easily available and crystal clear, borrower beware. Make sure that you understand your loan terms. What is your payback period? How much are you borrowing? What is the APR on your loan? All legitimate lenders will provide clear rates, loan terms and all other additional requirements/expectations.
5. There is no upfront cost on your end to borrow
It shouldn’t cost you anything to apply for a personal loan, much less see if you qualify. Be on the lookout for these “fees” and make sure you make the right decision, which is always to walk away. Oh, and if they ask you for a prepaid debit card, saying that they need it as collateral or to cover fees, slowly walk away, or run, implement whichever pace you want, just make sure you’re steering clear.
6. There is no additional pressure to “sign now”
You shouldn’t be given an ultimatum, deadline or any other sort of pressure to get a signature on the dotted line. If you feel pressured, just walk away. A legitimate lender will always understand that making a decision on a loan is a lengthy process and will never pressure you into believing an offer is “your last chance”.
7. The business is registered in your state
Requirements established by the Federal Trade Commission state that a broker must be registered in the states in which they conduct business. Meaning, they must be registered in your state in order to be able to issue you a loan. Check a lenders website to ensure there is a list of states where they are allowed to conduct business and make sure yours is listed.
8. It has customer reviews
Make sure you include other people’s opinions in your search for the right lender. Whether you’re verbally asking family and friends or searching on the BBB, make sure you look at the good and the bad. A quick Google search should bring up multiple review platforms for you to take a look at before applying with a lender.
9. There are actual people on the other end of the line
With a legitimate lender, there should always be a way to communicate with a human. Whether that’s through email or a phone call, make sure you’re not settling for a robot.
10. Digital security is provided throughout
Make sure you have done lots of research and looked at all of the details before beginning the application process for your personal loan online. As a recap, make sure your lender is available, registered, and is upfront on their terms and conditions. That way you can expect NO SURPRISES later.
Wondering what an online personal loan application looks like? Take a few minutes and check out Helix’s personal loan application. And if you’re feeling ready after due diligence, fill it out and see if you qualify for one of our unsecured personal loans.