Is It Safe to Get a Cash Advance Online?

//Is It Safe to Get a Cash Advance Online?
cash advance online

Receiving a cash advance online is no less safe than going through a brick-and-mortar financial institution, if it is handled the right way. Follow these tips to ensure that your financial information is kept safe:

  1. Do not include private financial data through a web-based form. Many websites, including Velocity Group USA, capture your personal contact information as a way to generate leads for their service. If a company asks for your bank account information or other intrusive personal financial data on a web form, don’t fill that out. In order to apply for a cash advance, no bank information is required since a cash advance is not a loan. Do not share your personal or business financial account information with any business through a web-based form.
  2. Make sure you know who you are dealing with. There are a ton of financial services companies online, and the reality is, anyone can set up a website. Make sure you know who you are dealing with before you share any personal financial information. Call the company first if their website looks suspicious. Try to get a real person on the phone, and only share personal information after you are sure you are dealing with a reputable company. Also, make sure you check with the Better Business Bureau and your state’s scam investigation office to ensure a company has not been reported for online scams.
  3. Ask if the company uses data encryption methods to ensure financial data and account information is protected. Three basic types of encryption include hashing, symmetric cryptography, and asymmetric cryptography. If an online cash advance company will not protect your private information with basic encryption technology, then don’t trust them to send your money through a secure transfer service.

When in doubt, ask a company how they transfer your cash advance. You should also ask how your payback is handled. If you are not comfortable with the methods of money transfer used, or unfamiliar, then educate yourself first to ensure you understand and that you are comfortable with the financial arrangement. And be sure to read a company’s privacy policy before doing business with them.

No electronic storage and transmission method is 100 percent secure. That’s why it is important for you to do your due diligence about any company you do business with–online or off line. If a company cannot give you reasonable assurances that your personal data is safe, then they don’t deserve your business.

Ready to apply for a merchant cash account online? No personal data of a sensitive nature is collected from Velocity Group USA throughout the application process.

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