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We’ll teach you the eight most common signs that you’re dealing with ... It’s extremely important to familiarize yourself with business loan scam warning signs.
- 7 min
- 4.2K
- Fundera by NerdWallet
It sheds light on the deceptive tactics used to trick entrepreneurs into getting loans based on lies. But f... This is a game-changer for small business owners!
Jul 18, 2019 · We all know that scammers have been here since the dawn of the internet, and their methods are starting to become convincing. Make sure to watch until the end of this video so you too can be...
- 5 min
- 1953
- Grow By Joe
- How Most Common Business Loan Scams Work
- Upfront Payments
- Expensive Consultancy Fees
- Funding Kit Scams
- Ghost Investor Scams
- Credit Repair Scams
- How to Report Business Loan Scams
A business needs financing to fund daily operations, growth such as improvement, renovation or expansion, and other investments. The go-to option for these is a business loan. The most common are Small Business Administration (SBA) loans, equipment loans, invoice factoring and financing, merchant cash advances, personal loans, and many more. Howeve...
Be careful when applying for loans promising 0% interest or no or low credit requirements applications in exchange for affordable yet upfront payments. These are often labeled as payments for “processing,” “application,” or “insurance” by scammers. Such loans are currently among the top five loan scams. However, not all financing companies that ask...
The loan application process for most business loans is extensive and unvaried. It has a lot more complexities than personal loans. Most of the time, lenders run a background check and validate all documents submitted by a business owner before judging whether or not they’re eligible for a loan. Although these requirements and loan application proc...
Many scammers email business owners about a grant or funding the government offers. They usually call it a “kit,” which requires upfront fees to access it. Similar to upfront payment scams and expensive consultancy fees, these funding kits are just scams. The United States (US) government never asks third-party agencies to email about nor offer gra...
Another popular scheme amongst the business loan scams through emailing is ghost investor scams. These scams are meticulous. They stalk many business websites and analyze their financial situations. When they see a company struggling, they immediately email to inform them that an investor is interested in supporting your company financially. Howeve...
Financially distressed business owners are also the main targets of credit repair scams. These are often offered as “services,” falsely claiming they can improve credit scores. Most of the time, they inform you that you have negative information on your credit report and will offer to remove it to improve your credit score. However, that informatio...
Let your entrepreneurial friends know about these 5 types of business loan scams. Feel free to share this page if it was helpful. Meanwhile, you can report financial scammers and any other suspicious loan activity to the Federal Trade Commission (FTC) using the portal below: Report To The FTC Here
Oct 10, 2023 · Business lending scams will often promise you outstanding rates, even if your company’s credit is subpar. But you’ll only get access to these dream loans if you pay an upfront fee — which the scammer will promptly pocket before they disappear.
Jul 26, 2024 · If you need a business loan, there are plenty of legit online lenders that can help. Unfortunately, you’ll also need to watch out for business loan scams. In this guide, we’ll show you some common business loan scams, what to do if you fall victim and which lenders are legit in Canada.
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Mar 24, 2021 · Here are common business loan scams to watch out for, and if you do fall victim to a scam, how to report the incident and get back on your feet. 1. Advance Fee Scams. What It Sounds Like: “Business loans starting at 0% interest! No credit, low credit, and bankruptcy okay. Low application fee to get started!”
