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Apr 22, 2024 · A personal loan scam is a way for fraudsters to obtain your Social Security number or collect fees without lending you any actual money. Some of the most common personal loan scams...
Sep 23, 2024 · Hang up on unwanted calls about loans. By. Bridget Small. Consumer Education Specialist. September 23, 2024. People are reporting getting calls (and calls) (and more calls) about their supposed “loan application.” Only they hadn’t applied for a loan. So what’s going on?
- Amy Sorter
- The lender guarantees approval. Truly reputable lenders make it clear that they’ll need to look at your credit, sometimes getting reports from all three major credit bureaus (Equifax, TransUnion and Experian).
- The lender isn’t registered in your state. The Federal Trade Commission (FTC) requires lenders and loan brokers to register in the states where they conduct business.
- The lender demands payment upfront. Some scammers have been known to require prepaid debit cards, gift cards or banking information from borrowers. Generally, the scammers claim they need the information for insurance, collateral or fees.
- The lender calls, writes or knocks. If you get a loan offer by phone, through the mail or even through a door-to-door solicitation, be on your guard. According to the FTC, it’s illegal for companies to offer a loan in the U.S. over the phone and ask you to pay before they deliver.
Sep 17, 2024 · Personal loan scammers may try to deceive you by using a fake company name, logo or false caller ID number to impersonate a legitimate lender and gain your trust. The goal of...
Mar 15, 2024 · In general, loan scammers will present themselves like legitimate personal loan lenders. But certain clues, like a missing physical address, can be good ways to spot a fake loan. Phone calls and social media messages are common ways for a scammer to contact potential victims.
- Writer
Sep 29, 2023 · Here are 12 warning signs to look out for. 1. Phone Offers. If you receive a phone call offering you a guaranteed personal loan or unusually low interest rate, it’s most likely a scam. Reputable lenders do not cold-call potential customers. It is illegal, in fact, to make loan offers over the phone.
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Mar 26, 2024 · Borrower beware: Common loan scams and how to avoid them. Personal loan scams prey on your financial vulnerability and might even trap you in a vicious circle of debt. Here’s how to avoid...
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