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Aug 19, 2024 · Know the signs of a scam before you apply. Personal loans can help you out of a financial tight spot. ... Unexpected upfront costs are a warning sign of a personal loan scam. Reputable lenders ...
- Amy Sorter
Mar 15, 2024 · 10 signs of a personal loan scam. Personal loan scams are designed to trick unsuspecting victims — but there are common ways to spot a scam. Make sure your lender is upfront. If you spot a red flag, don’t give away your information or money. No credit check; No state registration or license; Incomplete loan offer; Missing physical address
- Writer
Sep 29, 2023 · SoFi Personal Loans can be used for any lawful personal, family, or household purposes and may not be used for post-secondary education expenses. Minimum loan amount is $5,000. The average of SoFi Personal Loans funded in 2023 was around $33K. Information current as of 2/26/24. SoFi Personal Loans originated by SoFi Bank, N.A. Member FDIC.
- 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, and employment history.
- No physical address. Search for the lender’s address online or in a directory. If you can’t find a physical location or clear contact information for the lender, consider this a red flag.
- Email address. If an email is coming from a personal email account (e.g. Gmail or Hotmail account), or the email address domain (the part after @) doesn’t match the company name or website, this is another clear warning sign of a lender looking to scam you.
- Spelling and/or grammar mistakes. While fraudulent lenders want to trick people in appearing legitimate on their website or in their emails, there will often be spelling and grammar errors in their communications.
Aug 22, 2024 · Combined with the BBB, you can create a pretty good picture of how a lender runs its business and what you need to know before applying for a loan. FCAC or CCFA complaint database. The Financial Consumer Agency of Canada (FCAC) and the Canadian Consumer Finance Association (CCFA) are government-run agencies that help you search for complaints from current and former customers.
Aug 16, 2024 · How to spot a personal loan scam. As you shop around for a personal loan, ask yourself the following questions to detect any potential scams: Do they ask for money upfront? You should never have to pay money before you get your loan funds. A scammer might also require unusual payment methods, such as a prepaid credit card that can’t be tracked.
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Mar 29, 2024 · It can be hard to distinguish advance-fee scams from legitimate loan fees because real lenders can also charge upfront application or appraisal fees. Personal loans may have origination fees that are taken out of the loan amount. For example, if you get a $10,000 personal loan with a 5% origination fee, you'll receive $9,500.
