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Aug 19, 2024 · Consider the following tips to help you recognize loan scam red flags. 1. Unrealistic guarantees for approval. One of the most obvious signs of a loan scam is the promise of guaranteed...
- Amy Sorter
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
- Louis Denicola
- The Lender Guarantees You'll Be Approved. If you don't have the best credit history, you may get excited when you come across a personal loan that offers guaranteed approval.
- The Lender Is Not Registered in Your State. According to the Federal Trade Commission (FTC), lenders must be registered in the states where they do business.
- The Lender Pressures You to Act Immediately. One of the most common red flags of a personal loan scam is a lender that gives you a deadline to take out a loan.
- The Lender Does Not Have a Physical Address. If the lender lists a physical address on its website, look up the address on a mapping website like Google Maps.
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.
- 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.
Apr 22, 2024 · Know the signs of a personal loan scam to ensure you're borrowing from a legit lender. Personal loan scammers may falsely guarantee approval or post fake licenses.
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Jun 7, 2023 · Getty Images. Learn the telltale signs of a scam, like pressure to act immediately and upfront fees. Personal loan scams can devastate your bank account or steal your identity. Scammers...
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related to: what are the signs of a personal loan scam or fake- trustedcompanyreviews.com/debt/consolidation
Top 5 Debt Consolidation - 2024's Most Trusted Companies
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Debt Consolidation Program Expert Reviews and Ratings. Find the Best Option for You. Compare Your Options to Find the Best Option for Your Unique Situation.
