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Apr 22, 2024 · Some of the most common personal loan scams involve fraudulent lenders acquiring your information or funds by promising a loan without a credit check. Others make unsolicited loan offers and...
Sep 12, 2024 · Requests for upfront fees and guarantees that seem too good to be true are two common red flags of a personal loan scam. It's important to thoroughly research lenders to ensure they're...
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.
- Personal loan scams. Personal loans are extremely popular (a recent study from Finder estimates that 65% of Canadians have taken out a personal loan at some point) and for good reason—they’re an effective way to help finance everything from a new car to a wedding, or even to consolidate and better manage your debt.
- Payday loan scams. When you’re in a pinch, a payday loan can be pretty enticing. And while they’re not all scams, you can file them all under the “loans to avoid” column.
- Student loan scams. Student debt is a serious problem in Canada. Collectively, Canadians owe more than $28 billion in student loans, and it takes borrowers an average of 15 years to fully pay off debt from their days as a student.
- Advance fee loan scams. In general, beware of any lender asking for an upfront fee or advance fee. In Canada, lenders aren’t allowed to ask for an upfront fee before giving a loan.
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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Mar 26, 2024 · 1. Loan fee (advance fee) fraud. Probably the most common type of loan fraud, this usually involves a scammer posing as a legitimate lender. They will claim to offer a no-strings loan...
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May 7, 2024 · Common personal loan scams include loans that don’t require credit checks, offer guaranteed approval, require upfront payments, or involve a live check. Educating yourself about common personal loan scams is the best way to prevent falling victim to one.
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