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Sep 17, 2024 · Personal loan scammers pretend to be legitimate lenders to gain access to your personal and financial information. Here are some tips on how to identify a personal loan scam and what to...
Mar 15, 2024 · 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.
- Writer
- How to Check If A Loan Company Is Legitimate
- How to Identify A Loan Scam
- What Do I Do If I Get Scammed by A Loan Company?
- Tips to Avoid Loan Scams
- Do Your Homework
- Sources
Fortunately, there are a number of resources you can use to help determine whether a company is legitimate. Some are designed specifically to help you do so, others are public records that show the businesses red flags.
Scammers often promise things they can’t deliver and will try to stay one step ahead of any complaints by simply changing the name of their company, disconnecting their phone, and setting up a new address, usually with a PO Box. Scammers will also frequently use high-pressure sales tactics to bully customers into providing personal information onli...
You have several options available to you through law enforcement, other official agencies, and private resources.
Protect your identity and accounts
Cancel any credit or debit cards you believe may have been compromised. Change any passwords you believe may have been stolen. Install a firewall if you believe your computer was compromised. If you use a password you believe may have been compromised on other accounts, change it there, as well. Create strong passwords by using a combination of numbers, symbols, and both uppercase and lowercase letters. Avoid using personal information that is publicly accessible — such as your name, birthday...
Report any type of suspicious activity
If you see suspicious activity on your account, you can report it to the appropriate agency or company. If you see charges on your bank statement you don’t recognize, it’s best to contact your financial institution immediately to see if the damage can be reversed and ensure no more fraudulent charges are made. Report items you do not recognize on your credit report to the credit bureau to dispute fraudulent charges on your credit cards. If you gave a scammer your Social Security number, repor...
Don’t respond to unsolicited contacts
Don’t answer unsolicited phone calls from numbers you don’t recognize. A number of third-party apps, such as RoboKiller, Truecaller, and YouMail, can be downloaded to block calls from telemarketers and scammers. By the same token, don’t open any emails you don’t recognize. Take special note of emails claiming to be from legitimate companies that you wouldn’t expect to contact you or that seem out of character. Look for red flags in subject lines. Never open attachments from strangers or email...
There are several ways you can check to see whether a loan company is legitimate. Scrutinizing loan offers can involve things like checking for a physical address and researching BBB accreditation and consumer reviews and complaints. If you’re not sure, it’s best to take precautions. Protecting your personal finances by installing firewalls, creati...
Consumer Financial Protection Bureau. “How do I find my state’s bank regulator?” https://www.consumerfinance.gov/ask-cfpb/how-do-i-find-my-states-bank-regulator-en-1637. Accessed October 12, 2021.Federal Trade Commission. “What To Know About Advance-Fee Loans,” https://www.consumer.ftc.gov/articles/what-know-about-advance-fee-loans. Accessed October 12, 2021.Federal Trade Commission. “How To Recognize and Avoid Phishing Scams,” https://www.consumer.ftc.gov/articles/how-recognize-and-avoid-phishing-scams. Accessed October 12, 2021.Federal Student Aid. “Avoiding Student Aid Scams,” https://studentaid.gov/resources/scams. Accessed October 12, 2021.- 901 E 6th Street Suite 400, Austin, 78702, Texas
Aug 22, 2024 · What to do if you're the victim of a scam. Personal loan scams are often very sophisticated and can happen to anyone. If you suspect that you’re the victim of a loan scam: Call your local police. File a police report for the amount you’ve been defrauded. File a complaint with the CAFC.
- 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.
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.
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Nov 22, 2024 · Personal loan scammers can drain your bank account and compromise your identity. Guaranteeing loan approval without a credit check or pressuring you into making a quick decision are two signs...
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