09/25/2023
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BEWARE OF FAKE LENDERS
A false lender will qualify you, perhaps through the mail or over the Internet, for a loan. Once you’ve received the good news, the lender asks for a fee – usually somewhere from $150 to $500 dollars – in order to process the loan. More misleading still, these “lenders” will often tell you that the fee is for something that sounds realistic, such as for interest, collateral, insurance costs, or a lender or broker’s fee. At this point, the “lender” takes the money and runs, leaving you with money out of pocket and no loan.
Here’s what to be on the lookout for:
1. Lenders reach out to you – Sure some reputable lenders pay to reach out to you, but remember that they need to make up those marketing costs somewhere.
2. Their website is suspicious – These scammers often use disposable websites that they can shut down after taking your money. When applying for a loan over the internet, make sure the website you are using is a reputable one.
3. Beware anyone who asks for money upfront – Asking for money upfront before signing paperwork on a loan is almost always, if not always, a scam. Don’t fall for it.
4. Don’t transfer funds over a wire service – Scammers love wire services like Western Union because the money is extremely difficult to trace and almost impossible to refund. If someone is asking you to wire them money before they give you money, then it’s probably a scam.
