How to safely acquire a line of credit

How to safely acquire a line of credit


To avoid inconvenience, it is necessary to take precautions when hiring to avoid falling for scams.




With the digitalization of the underwriting processes of the different types of credit lines, a growing incidence of scams against beneficiaries in this sector has had a significant impact on the market. In 2023, the number of complaints related to different types of financial fraud increased by approximately 73%, with a particular focus on “recipient fraud,” which saw a record number of complaints in the period, according to Febraban.

Paycheck loans, by withholding installments directly from customers’ salaries or social security benefits, present themselves as an interesting type of personal loan, characterized by more convenient interest rates and longer payment times.

Furthermore, it is directly linked as a source of income for many pensioners and retirees in Brazil, thus causing greater demand for this type of credit.

To avoid inconvenience, it is necessary to take precautions when hiring to avoid falling for scams. Considering this scenario, Eron Pereira, specialist at Lev Negócios, presents 8 observations to make when signing a credit line.

Be wary of additional costs

“Never pay additional fees charged at the time of trading, as such fees are illegal,” he advises.

Be careful when making payments by bank receipt

“Avoid making payments on invoices delivered or sent by third parties, as this may indicate fraudulent activity.”

Do not accept returns

“Please note that legitimate banks do not call to request full or partial refunds of funds deposited into your account.”

Research the company’s credibility

“Before concluding any agreement, find out about the company offering the credit. Make sure that it is reliable and that it is authorized to provide this type of loan.”

Be wary of exaggerated offers

“If the offer seems too good, be careful. Scammers often use unrealistically tempting promises to get your attention,” says Eron.

Read the contracts

“Never sign a contract without carefully examining its contents. If you have doubts, ask for clear and detailed explanations.”

Protection of personal data

“Do not share personal information such as document numbers, passwords or banking details unless you are sure you are dealing with a reputable company.”

Verification of website and address

“Make sure the company website is secure, has clear contact information and a valid physical address. Scammers often operate exclusively online,” says Eron.

By following these guidelines, beneficiaries can significantly reduce the risk of falling for scams related to taking out a credit line, ensuring a safe and reliable financial experience, concludes the executive.

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Source: Terra

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