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Anyone can fall prey to a loan scam: A couple trying to secure financing for their first home, a borrower trying to consolidate their credit card debts, a retiree in need of cash to cover car repairs… the list goes on and on. When someone swoops in and seems to offer a solution to all your financial challenges, it’s very tempting to believe them. But sometimes things that seem too good to be true are just that.
In the financial world, there are reputable lenders and there are con artists hoping to swindle you out of your hard-earned money — and personal information. The ability to differentiate between the two can mean getting the money you need versus having to deal with the frustrating — and oftentimes costly — consequences of fraud.
Here are four tips for protecting yourself against loan scams.
Remain Skeptical of Unsolicited Offers
It’s awfully convenient when a flyer appears in your mailbox announcing a loan offer, or when you get a phone call from a “helpful” loan specialist peddling great interest rates if you act now. The thing is, reputable lenders generally wait for borrowers to come to them or will send messages to their existing customer base.
Completely unsolicited offers from a lender you don’t recognize and with whom you have never worked could very well be a scam. As The Motley Fool writes, scammers are hoping you’ll mistake their offers for legitimate ones. If you do decide to consider an unsolicited offer, look for telltale signs like grammatical errors, fake or low-quality websites and high-pressure tactics that reveal illegitimacy.
Steer Clear of Red Flags Like “Guaranteed Approval”
At first glance, guaranteed approval can sound pretty reassuring. There’s no such thing, though. Hone… Read More
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