Planning to Take a Loan? Protect Yourself from Loan Scams which Could Sting You Badly!

Loan scamming is one of the most ruthless forms of fraud, where a fellow human who is financially week or cash strapped is pushed deeper into debt and penury, with no remorse.  The loan scammers derive delight from the plight of the scammed.  Such scammers deserve to be exposed widely, ridiculed, isolated and dealt with the full force of law.  

The most common form of Loan Scam is the Advance Fee Fraud where the unwary loan seeker is deceived into believing that he is applying for loan from a legitimate company and parts with fees for processing the loan.  The scammers vanish with the fees (may also come back and look for more fees) and if they have managed to collect SSN, Bank, Credit Card and other Personal Info, Photograph etc; mounts a series of vicious  attacks on the victim, virtually stripping him of all his earnings and benefits.

Its important that YOU do not get enticed by high pitched ads offering cheap loan or so called “guaranteed loans” which do not look into your credit records.

Steps to Protect Yourself from Loan Scams

• When you need a loan, contact a legitimate, reputed company
• If you are looking for loan and comparing options, before submitting any enquiry forms, do detailed background check on the net. Attach words like “scam”, “fraud”, “complaints”, “reviews” to the company name  and search on the net for consumer feedback.
• If the above search do not give any results, the company could be new and possibly a fly-by-night operator. Step away.
• Never fall for phone calls offering instant, cheap loan
• Never follow links in emails, text messages,  classified ads, internet pop up ads etc. offering payday or other loans. They would collect your credit card / bank data and debit you with unauthorized charges
• Links in emails could have been spoofed to look like that of a legitimate lender but may lead to a phishing site,  built to look exactly like the legitimate lender’s website
• Never release personal info unless you are absolutely certain that the counter party is 100% legitimate
• Be aware of  the rampant Advance Fee Fraud, where Fee is collected in advance and the scammer vanishes with it. Before paying any advance fee, verify the credentials of the lender and satisfy yourself 
• Do not make payment by western union, cash cards or such means where there is no track of the receiver
• Never pay money to an individual, instead of to the account of the REAL Company
• Avoid a lender offering guaranteed loan without verification of credit records

Have you  come across phone numbers used by  Loan Scammers? Report them at Scamcallfighters.com