Is "Installment Loan Acct Payment" fraud?

Written by Lily Tran

June 18th, 2024

Medium Risk

What is "Installment Loan Acct Payment"?

Installment Loan has been in business since 2010, providing financial services focused on installment-based lending solutions. The company offers a range of loan products that allow borrowers to repay the borrowed amount over a set schedule of regular payments. These loan products are available for various purposes, including personal expenses, medical bills, home improvements, and educational fees. Installment Loan operates through an online platform, facilitating the application process and customer service interactions.

Installment Loan: Type of loan with regularly scheduled payments

Acct: Account

Payment: Transaction type, indicating a payment was made

Verify if this transaction is fraud in 30 seconds

Verify With Receipt

The best way to tell if this charge is fraudulent is to find the receipt. You may have an electronic copy of the receipt, which you can finding by searching in your email accounts for.

Or, if you want to automatically find and reconcile receipts so you never worry about fraud, you can use SimplyWise to automatically match all bank and credit card transactions to email and paper receipts. The app instantly reconciles your expenses and flags anything that doesn't match.

STEP 1

Connect your Email

Download the SimplyWise app and connect your email account. SimplyWise will search through your emails and find all the receipts in your inbox. This allows you to understand what exactly you are paying for when you see a bank transaction on your statement.

STEP 2

Connect Your Bank

Connect to your bank account/credit card transactions through the secure (256 bit encryption) Reconciliation feature within the app.

STEP 3

Reconcile

Reconcile the charges reported by your financial institution against what you've recorded in your SimplyWise account. Find fraud quickly! SimplyWise will match your transactions to your bank/credit card spending and check those items off.