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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.
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
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- How to Recognize Signs of Loan Scams
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With personal loan scams increasing, it’s more important than ever to do your due diligence and keep a sharp eye out for potential signs of fraud. Celia Winslow, executive vice president of the American Financial Services Association (AFSA), offers simple advice to avoid potential scams: If it sounds too good to be true, it likely is. Consider the ...
If you suspect a loan scam, take the following steps as soon as possible to protect yourself from further harm and mitigate potential losses: 1. Cease communication: First and foremost, it is wise to stop communicating with and making payments to the scammer. If you’ve already given them any payments or information they could use to commit identity...
Being proactive is the best way to avoid falling victim to a loan scam. If you get a personal loanby applying to reputable lenders yourself, you’re far less likely to get scammed. However, it’s also important to be wary of ads that may be the work of untrustworthy lenders or scammers. Before submitting personal information to a potential lender, ch...
Loan scams are getting more sophisticated, so it’s important to watch for warning signs. Stay informed about the latest tactics used by scammers, and don’t ignore the red flags, no matter how tempting the offer may be. Remember that offers that promise guaranteed approval, come unsolicited or demand upfront fees are often scams. Protect yourself by...
Not necessarily. Some lenders may send prescreened offers of credit. But if a loan falls into your lap, do your due diligence to verify that it isn’t a scam. Pay close attention to the terms of the...Scammers can use your information to commit identity theft, open fraudulent accounts or make unauthorized transactions. They may also sell your data on the dark web for others to misuse.To find a legitimate personal lender, start by looking at unbiased reviews. Many reputable sites, including Bankrate, offer personal loan reviews. You can read about borrowers’ experiences before s...- Amy Sorter
- 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.
Dec 4, 2023 · 5 ways to spot personal loan scams. Personal loan scams can be challenging to identify because there are many types of scams that target consumers. Often, these scams aim to access valuable personal information about you like your Social Security number or credit card number.
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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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