For every legitimate loan company out there, there are even more fake loan companies that are doing everything they can to steal your hard earned money. These fake companies are very clever, and they know the best ways to trick people out of their money. They are taking advantage of people that are already in bad situations. They will advertise things like: “Bad credit loans guaranteed!” or “Every single applicant will be accepted.”
There are some very legitimate loan funding companies out there that are more than willing to lend money to people with bad credit, but there are never any guarantees.
There are some very obvious things that you can watch out for. Loans.net has put together this list of things to watch out for! Don’t become a victim of a ! loan scam Protect yourself by learning exactly how these scam loan companies work.
Never pay any amount of money up front!
One of the ways that these scam companies are tricking people out of their hard earned money is by requesting security deposits before they fund the loan. This sounds simple enough, but these con artists are smart. They will disguise this up-front payment as a premium, loan insurance, or collateral.
If you are being approached by one of these fake companies, don’t fall for this scam. No lender will ever request any amount of money before funding a loan. It is against the law in the United States to even ask for an upfront payment for any type of loan. If you hand any amount of money over to these people, you will never see it again!
Keep your personal information to yourself!
Never give out any of your personal information over the phone unless you are 100% positive who you are speaking to. This sensitive information includes: social security number, bank account number, bank routing number or date of birth. Never freely give out this information unless you know who you are dealing with.
Nothing is ever guaranteed!
Stay away from companies that say they guarantee loan approval. There never is any type of guarantee when you are dealing with loan approvals. Lenders must always verify some information before they fund a loan. If anyone is guaranteeing that you will be approved for a loan, then they are lying to you.
Do some research!
It is real easy to determine if a loan company is a scam. Just do a quick search on the internet using the company’s name and the word scam. If the company is a scam, then you will get plenty of search results of people complaining about the fake company.
Loans.net is here to help you.
Our service is 100% free. We are here to help you. We simply provide lenders service and help you make the right choice on your next loan.
- No representative from Loans.net will ever call you on the phone and request any information.
- We will never ask for any upfront money.
- We will never call you in order to collect a deposit.
Don’t become a victim of these all too common loan scam. If it sounds too good to be true, then it probably is.