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Mar 15, 2024 · A loan scam is a fraudulent offer for a personal loan. This is done either to gather information like your Social Security number or to convince you to pay for a product you won’t receive. In general, loan scammers will present themselves like legitimate personal loan lenders.
- Legitimate Loan Companies in Canada | 10 Signs of a Scam
Are you dealing with a legit lender? Learn how to spot...
- Legitimate Loan Companies in Canada | 10 Signs of a Scam
Aug 22, 2024 · Are you dealing with a legit lender? Learn how to spot personal loan scams and protect your hard-earned money.
Sep 29, 2023 · Personal loan scams are easy to fall for and can lead to financial loss and identity theft. Learn the warning signs, plus what to do if you’ve already been scammed.
- 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.
- 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 12, 2024 · You might be dealing with a personal loan scammer if you're receiving unsolicited loan offers via email, text, phone, or conventional mail. If you need a personal loan, it's better to do...
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Aug 19, 2024 · 1. Unrealistic guarantees for approval. One of the most obvious signs of a loan scam is the promise of guaranteed approval. Legitimate lenders require a thorough review of your financial...
