In this review, we will describe why Bruma Finance is not legit.
Is Bruma Finance Legit?
Bruma Finance is an unregulated Lender. Problem with unregulated Lending Companies is that they are not reliable and abuse the regulations. Make sure to stay away from this Lending Company as they are anonymous and that they can disappear any time without notice.
To make sure you are dealing with a regulated and known Lender, you should be able to find easily who is the CEO of this firm, they are easy to contact, they runs a credit check, their loan terms are clear, no upfront fees and there are reviews/ratings available online. Lack of information is a big red flag. This is the reason why Bruma Finance is a dangerous Lender to deal with.
Signs of a personal loan scam :
- No credit check required : Most legitimate lenders will check your credit to determine if you’re able to repay them: A high score means you repay your debts in full and on time. If a lender isn’t interested in seeing your credit score, be wary. A scammer typically doesn’t care about your creditworthiness.
- Never trust an offer “out of the blue” : Legitimate lenders don’t contact people out of the blue. Many people who get caught out by loan scams are contacted by a ‘lender’ directly. If this happens, whether it’s by text, email or through a phone call, it should set alarm bells ringing.
- Your loan offer is incomplete : The Truth in Lending Act requires all lenders to provide the complete terms of a loan, including the final cost of the principal plus interest, before you sign on the dotted line. If your offer lacks details, contains spelling or grammar errors or otherwise raises an eyebrow, it could be a scam.
- You can’t find a physical address : If a lender doesn’t provide a physical address or contact information, put the brakes on your loan. Scammers make it difficult to get in touch later, thus avoiding any legal action you might want to pursue against them.
- The loan requires payment up front : Loans demanding “processing,” “insurance” or even “origination” fees before approval are a scam. A lender asking for payment before it’s processed your application is a scammer looking for a quick buck. Upfront payment is the biggest sign of a potential scam.
- Ask for payment in the form of a gift card : Paying a lender with a gift card is the same as paying with cash — once the money has been used, it’s nearly impossible to trace or get back. No legitimate lender will ask you to pay with a gift card, and if your lender is pressuring you to do so, you should find a new loan.
- Don’t be rushed : A big red flag in any financial transaction is when the other party tries to rush the customer into making a decision or a payment. Legitimate financial firms don’t pressure people into loans they can’t afford or aren’t sure about. Only scammers will try to panic their ‘customers’ into on-the-spot commitments.