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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.

  

In our "Get Rich Quick" mentality these days, we forget the truth, "too good to be true." 

Bank offers that might guarantee large amounts of money and have already been pre-approved by the bank. If such an incredible pre-approved loan is offered to you.

How is it possible for a bank to offer a large sum of money without even checking your financial situation?

There are many people who fall for this scam, even though it may seem unlikely.  The scam comes to fruition when there are large “mandatory” processing fees required by the scammers.

Here are six warning signs and sneaky tactics to watch out and avoid becoming a business loan scam.

As regards to credit card scams, a recent report from the Identity Theft Resources Center said that the number of credit and debit card breaches have been on the rise last year. To better safeguard your data and prevent thieves from getting access to your payment card details, consider:
  1. Watching your accounts closely and monitor your online transactions;
  2. Taking advantage of free consumer protection services;
  3. Signing up for free credit monitoring.

We are a dedicated law firm in Cleveland Ohio.  Complete the contact form or call: (216) 771-1144

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We visit Facebook and many post have a seemingly innocuous question:
  • What is your favorite book?
  • Where were you born?
  • What was your first pet's name?
  • What was the name of your first grade teacher?
  • etc...
And this one:

security question ployThese seem like harmless or fun questions.  But they can be used to get the answers to security questions asked by your bank.

Before posting your answer, ask yourself if this seems like a security question.

If it is - do not answer it.


We are a dedicated law firm in Cleveland Ohio.  Complete the contact form or call: (216) 771-1144

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