Search results
Apr 22, 2024 · Getty. Personal loan scams are fraudulent loan offers that aim to collect sensitive personal information and fees from victims—with no intention of ever extending a loan. Luckily, you can avoid ...
Sep 29, 2023 · Identifying loan scams requires vigilance and attention to detail. 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.
Sep 17, 2024 · Avoid Upfront Fees. Personal loan scammers may assure you that they can get you the loan you want, no matter your creditworthiness, but you’ll have to first pay a fee for either the loan ...
Sep 12, 2024 · Some personal loan offers can be scams. This article will highlight the warning signs to watch out for to avoid losing money or divulging sensitive personal information to fraudulent actors.
- Text messages and robocalls. An out-of-the-blue robocall or text message inviting you to apply for a loan should give you pause, especially if you’ve had no prior contact with the lender.
- Advertisements of ‘guaranteed’ approval. A trustworthy lender can't guarantee you'll get a loan without reviewing your credit and finances, so avoid those that promise approval before you’ve even applied, Breyault says.
- No state registration. Lenders are required by law to register in the state where they do business. So if you have doubts about a lender, check to see if it’s licensed.
- A bad online reputation. Research a lender’s online reputation to confirm (or quell) your suspicions. Enter the company’s name into the CFPB’s complaint database and the Better Business Bureau’s directory to see what others are saying about it, Martindale says.
Mar 19, 2021 · When researching lenders, look for these 8 warning signs that are common indicators of loan scams: 1. No credit check required. If the lender is advertising that you can borrow money without undergoing a credit check, be cautious. Legitimate lenders will thoroughly assess your ability to pay the loan back by looking at your credit score, income ...
People also ask
How do you know if a personal loan is a scam?
How to avoid personal loan scams?
What are the most common personal loan scams?
Are personal loan scams easy to fall for?
What happens if you get scammed with a personal loan?
Can a personal loan scammer access my bank account?
May 7, 2024 · Typical personal loan requirements needed for approval include a thorough credit check and several other components. Even if you have bad credit or no credit history, look for lenders that will: • Review your credit score. • Analyze your debt-to-income ratio. • Ask for collateral (in the case of secured loans)
