Remember the saying, “if it is too good to be true, then it is.” Follow your instincts and watch out for the scammer who will take your money and run. A personal loan scam is just one type of fraud. Please observe these eight signs. If you see only one sign, it is a red flag. It is hard when there is not enough money, but falling for a scam like this will make your financial situation worse.
Times are hard, especially now with so many out of work or filing for unemployment. Loan scams are on the rise and will take many different faces. One such front is the amazon scam. One thing to remember is: if they call on the phone and will not send you a letter, then it is a scam.
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I have gotten offers via snail mail that has appeared to be too good to be true, but I always throw them away. I know that my score isn’t great and have been working towards repairing it.
I guess I was unaware that there were so many scammers out there preying on people who are just hard working folks trying to make ends meet. It is very helpful to have sites like this one to help us regular people understand just what is really going on.
Thank you for taking the time and effort to post this, it is very informative.
Hi Frank, In today’s economy it is difficult to have a good credit score and then a scammer comes along and makes it all worse.
I am so happy I can make you more aware of this type of situation. Thank you for your comment and compliment of “very informative.” I appreciate you.
There are a lot of persons out there claiming to give you a loan with no hassle, but you have to be careful as you might end up wasting your time and money. If it seems too good to be true, then it is. It’s easy to get caught in this trap when your back is against the wall.
I have lost money this way already and I have learnt my lesson well. Sometimes we end up paying for trying to seek an easy way out.
This was really helpful.
Brenda, so many people have lost money this way. It is sad. Please do be careful in the future. And feel free to share this with anyone who may need to be informed.
Laura
Hi Laura. Thank you for sharing this awesome information how we can spot a personal loan scam. I have discovered these days that scammers will tend to pressure you as you have said. Not giving you time to do your own research. This article is informative plus I like the way you structure things… 🙂
Thank you very much. Yes pressure is a strong gimmick for a scammer to get what they want.
Laura
Yes a lot of scams online promising loans. There are more of them coming up these days.
I cannot imagine that a company or whatever they may call themselves will request for financial payment upfront before they offer you personal loan, that is the number of sign that you need to run for your life. One needs to follow his or her instinct.
Yes a person does need to follow their instincts. I hope these signs will reach the world so more will have an idea of what the red flags are.
Laura
Hi
Thank you for this article and building awareness around this scam.
This is so sad to read that these things are going on.
The first red flag that should send off many alarm bells is when the so called loan company asks you to send them money.
You have raised very good points to be aware of if someone finds that they need to contact a loan company.
I will be sharing this article to help build the awareness on the good work you have started. This is a need to know.
Jennifer
Jennifer, thank you for sharing this article. I do want more people to be aware of the red flags.
Laura
I must thank you for this article Laura. I had experience with this type of scam in the past and I can say that it is terrible. When people hear what money they can get, they often run to pick that money but don’y know that consequences are very big. I am happy that there are posts like this because people should pay more attention when it comes to this types of loan.
I am so sorry you had to go through this. It can happen to anyone. But now you know what to look for.
Laura