We will update this page as often as possible to alert you with information about different types of loan scams. You can avoid being scammed by using common sense and knowing what types of tricks these people use. These scammers know your are in a tough position and play on your emotions taking advantage of you when they feel you are vulnerable.
If any one of these items are present there is a very strong chance it’s a scam.
The lender requires you to send money upfront to receive the loan. The lender will say they require this for any number of reasons which include but is not limited to the first months interest payment or a security deposit.
The loan lender asks you to use Western Union, Green Dot or any other similar money transfer systems that allows the recipient to remain anonymous.
The loan lender you speak to becomes irritable and talks down to you when you ask detailed questions about the lending process. They may threaten to take legal action if you do not proceed with the loan.
The lender sends you legal documents and the address on the documents doesn’t exist or is for another business. You can verify this by using Google maps to make sure there is a business at that location and what that business is. You can take this one step further by looking up the phone number for the address and calling to verify it’s actually a loan lending business.
If your gut tells you something is off then it most likely is. Trust your instinct and go with it no matter how bad you need the money.
If you believe you have been scammed you can use the information below to report it:
1. Internet Fraud Complaint Center
2. How to report scams to the FTC
3. FTC online complaint form
4. FTC toll free hotline: 877-FTC-HELP (877-382-4357)
