Borrowing money has never been easier now that you can do it from home, yet, as new data breaches make a splash in the headlines, many people are worried about how to lockdown financial data when borrowing online.
The good news is becoming a victim of fraud is not a guarantee of borrowing money online.
You can take out online installment loans while protecting your personal data.
1. Choose the Right Lender to Lockdown Your Financial Data
Only ever share your financial data when you’re certain the lender takes the appropriate measures to protect your data.
Do your due diligence before filling out an application.
- Research the company
- Read reviews
- Compare privacy policies
2. Use a Secured Network
Just because you can apply for an installment loan anywhere doesn’t mean you should.
Using an unsecured network is a risk because it won’t have a password. Anyone with a device can sign on and, if they know what they’re doing, they can spy on your connection.
Remember this tip any time you check-in on your installment loan — whether it’s to remind yourself of a due date or to look at your remaining balance.
Meanwhile, check out these tips to boost the security of your secured network at home.
3. Check Your Statements to Lockdown Your Financial Data
Every step of an online loan occurs over the web, including receiving your funds and paying them back. This is one of the reasons why they’re so convenient.
You can set up automatic withdrawals from your bank account to ensure you send the money on time, every time.
When it comes to online installment loans with monthly payment options, you’ll have several due dates. You’ll want to check-in on your account after these payments come out to ensure everything is as it should be.
It also gives you a chance to catch any suspicious activity that points to a fraudster using your identity.
4. Create a Strong Profile
If approved, your lender will ask you to make a profile on their website or app. Here, you’ll access all the “need-to-know” information about your installment loan.
With things like your contact information, banking numbers, and loan details available on your profile, you need to make sure you protect this account properly.
Always use a unique password that’s a mixture of letters, symbols, and numbers. Stay away from familiar names or dates, as some hackers may be able to guess them with an only passing knowledge of your life.
If you think you have a good one, type it in here to see how it stacks up.
5. Be Wary of Your Inbox
Legitimate lenders will send you the occasional email to update you about changes to your account and other pertinent information. When they do, they usually contain a link to log into your profile, where you can see this information on their website.
Whenever they remind you to check your account, always check the sender to ensure it matches the lender’s official email, and hover your mouse over any links before you click them to see they send you to the right website.
From your side of the computer screen, it may not seem like there’s much of a risk when borrowing online, but fraudsters are waiting for you to slip up. Luckily, you can protect your info by following these tips.
Petr is a serial tech entrepreneur and the CEO of Apro Software, a machine learning company. Whenever he’s not blogging about technology for itechgyan.com or softwarebattle.com, Petr enjoys playing sports and going to the movies. He’s also deeply interested in mediation, Buddhism and biohacking.