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Press Release updated: Sep 9, 2020 17:00 EDT

Coronavirus has brought the concept of safety to a new level. With the need for social distancing, many interactions, including banking and exchanging cash, can be areas of concern for high-risk customers.

Small dollar lenders are conscious of the dangers of coronavirus and have implemented precautionary measures to ensure customer safety. They are addressing the obvious risk of in-person transmission, while also maintaining a high level of online security to ensure any personal information shared online is done so safely. Borrowers should stay safe by choosing lenders whose names and reputations they trust.

Read on to find out what small dollar lenders are doing to protect their customers both online and in person.

Lenders are implementing safety measures for in-store applicants

While more services are available online every year, many borrowers prefer to do business in person. Some customers have concerns about transferring personal data online. Others may feel more comfortable with personal customer service.

This is why creating a safe physical environment for borrowers has been an important priority to small dollar lenders. Many of the cash loan storefronts people have come to rely on remain open to provide all of their regular services, with the addition of safety measures including:

  • Wearing of masks inside the store
  • Increased regular cleaning of facilities
  • Social distance counseling for employees
  • Limiting the number of people in-store

When visiting a lender in-person, borrowers should check that the storefront is following all of the latest state and federal guidelines for health and safety and follow their own personal comfort level when it comes to in-person banking.

Lenders know the importance of online security

When there’s an increase in overall online activity, as seen during these stay-at-home orders and social distance practices, that also means there can be an uptick in cyber-crime. The lending industry has been a target for years, and as a result, has had solid security measures in place. Online cash advances continue to focus on online security and providing a safe environment for their applicants. Security measures include:

  • Data encryption for personal information
  • Secure servers and databases – backed by Norton by digicert
  • Phone options for calling in payments
  • Published security information

Securing a quick loan online or in-person continues to be a safe choice, as long as applicants are doing business with the right lenders. Borrowers should check for appropriate lender licensing and trade association memberships such as Community Financial Services of America.

Notice: Information provided in this article is for informational purposes only. Consult your attorney or financial advisor about your current financial circumstances.

Source: Advance America