Loan/Credit Card Scam Warning Signs
1. You’re asked for money upfront
There’s never any reason to pay a lender or broker upfront. A loan broker should only ever get paid by the lender, in commission, after the deal is done.
2. There’s no contact information online
Avoid lenders who don’t have a physical address or easily-found contact information.
3. The lender guarantees you’ll be approved
No lender can guarantee that you’ll be approved for a loan. When a business offers customers a guarantee, that’s a binding promise they must deliver on.
4. The lender uses a generic email addresses
If a business lender is emailing you from a Gmail, Hotmail, Yahoo or other generic email account, then something is off and you should tread carefully.
5. The lender contacted you
If a lender offers you an unsolicited loan, it may be a sign of a scam. Lenders don’t offer loans with a cold call.