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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 · 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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- 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.
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.
- Text messages and robocalls. An out-of-the-blue robocall or text message inviting you to apply for a loan should give you pause, especially if you’ve had no prior contact with the lender.
- Advertisements of ‘guaranteed’ approval. A trustworthy lender can't guarantee you'll get a loan without reviewing your credit and finances, so avoid those that promise approval before you’ve even applied, Breyault says.
- No state registration. Lenders are required by law to register in the state where they do business. So if you have doubts about a lender, check to see if it’s licensed.
- A bad online reputation. Research a lender’s online reputation to confirm (or quell) your suspicions. Enter the company’s name into the CFPB’s complaint database and the Better Business Bureau’s directory to see what others are saying about it, Martindale says.
Mar 29, 2024 · Some scammers offer fake personal loans to steal personal information or collect upfront fees from victims who apply for them. You may be able to avoid scammers if you can spot some common red flags, such as a guarantee that you’ll be approved.
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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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