Signs of fraudulent loans include texts inviting you to apply, guaranteed approval and asking for money upfront.
When you need to borrow cash, the last thing you want to encounter is a fraudster plotting to steal money from you. But as people increasingly shop forConsumers reported losing nearly $8.8 billion in losses to fraud in 2022, according to the Federal Trade Commission. Those reports included imposters and scammers claiming to provide loans in exchange for information or money.
Before you provide personal or financial information, here are five signs the loan you’re considering may be a scam.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.by pre-qualifying or directly applying. In some cases, your bank or credit card issuer may send you a preapproved loan offer or an online lender may send follow-up emails after you check for offers with them.
“Any legitimate lender is going to want to do a credit check on you to know if you’re going to be able to pay them back,” he says.may provide a loan with no credit check, but many at least do a soft credit pull and review your bank accounts before approval.Lenders are required by law to register in the state where they do business.
If you can’t find the license, treat it like a red flag and report it to your state regulator, says Suzanne Martindale, senior deputy commissioner for the consumer financial protection division at the California Department of Financial Protection and Innovation .You can also search online for the lender’s name and the word “scam,” which may surface regulatory actions against a legitimate lender or links to the community website Reddit where other people have shared their experiences.
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