During the recent years, there has been a visible rise in Title Loan spamming. With a majority of the online lenders offering affiliate programs to webmasters linking borrowers to their respective sites, it has opened a doorway for spammers to infiltrate into their system and steal high security information from unsuspecting citizens all over the world.
As stated in the article, Online Title Loans: A New Wave of Internet Spam, Many larger lenders are now following the strategy of creating multiple web sites all listed under different company names in order to give potential customers the feeling of competition. This may not be illegal right now but it is downright dishonest, and potential customers get an inaccurate view of the options in the market.
This trend could be tracked by to the initial years when online payday loans first entered the market. The paved the way for excessive spamming, triggering Google to manually review all top 10 listings to ensure they were authentic and owned by different companies. By the time Google managed to crack down the activities on Online Payday Loans, Online Title Loans quickly followed suit. It is currently reported that they are making use of Yelp and similar other review sites online.
Leading experts are now claiming that when searching in Yelp for Online Title Loans in places like South Florida, around 60 to 70 percent of all listings lead to just one online lender. One of the major reasons for incessant spams like these is due to affiliate commissions. With third party web sites getting massive revenue for recommending a lender to potential customers and converting them, webmasters are going all the way to create multiple websites with different names just to recommend one particular lender.
Another common reason for spam is the online lenders themselves. Most lenders are now reported to create multiple internet businesses with different names and provide fake physical addresses. This gives one business the opportunity to create multiple listings and sells it to dominate the market. While many frown upon this practice, nothing much could be done about it because it is not exactly illegal.
Borrowers are now perversely misled by all the massive spam and faulty advertising. Consumers are not given an inaccurate view of the market and being lied to. It has also posed a great threat to personal security of users. There are now widespread incidences of hackers infiltrating these sites and access high security details from unsuspecting borrowers.
Leading experts are now recommending intense verification processes by crowd sourced review web sites like Yelp and search engines like Google, Bing, Yahoo, etc.