This applies more to brick and mortar payday loan operations. How would you catch a fake contract in one of your stores? Can you answer that questions?
Most owners don’t want to think about this, so they don’t.
The issue that I have w/ owners is that if they have very loose policies, they’re actually creating an environment that promotes fraud.
When they do catch their employees, it usually too late. Their defaults are way up and they start to investigate. At that point, it’s too late.
This issue was the topic of Jer’s Newsletter. You can find Jer at the PaydayLoanIndustryBlog.
2 Comments
I think this stands with any business, but it is very important to trust and have a good relationship with your employees in order to avoid fraudulent contracts. There is no guarantee ever, but I advise to try to use your best judgment when looking for a potential employee.
I’ve heard that running credit checks is a good way to screen employees. I’ve also heard of employers running criminal background checks.