Where there are people in need, there are bad companies or bad people wanting to take advantage of them. It is not nice, but it happens. People need money, and some people think that if they pay a little, they can earn a lot, but that is rarely the case.
Many people fall for the scam because they are looking for financial help. Scammers often promise they can get rid of your debt. Loan scams are pretty standard, but you can avoid this by spotting the red flags to protect yourself from being a victim. Scammers can easily target you through online messages and adverts, email, text messages and phone calls.
Here are some common red flags that consumers can spot.
1. Beware of loans that sound too good to be true (for example, a shallow interest rate). The scammer often gets their target by making a significant promise they can't deliver or by hiding the actual loan cost.
2. You're guaranteed approval, which does not require a credit check.
Most lenders have several requirements you need to meet to qualify, including a minimum credit score, proof of income and more.
3. They ask for an up-front deposit or bank details before you receive the money or get a chance to see the paperwork. They might also be requesting payment through untraceable methods.
4. They pressure you to act now. The offer ends soon, and they often pressure their victims to act immediately. A predatory lender can get you to overlook red flags by creating a false sense of urgency.
5. The lender is not registered. If you don't recognise the lender, evaluate the company details online and read reviews. You can check for up to date registration if a lender is licensed on the SEC's website. All lenders must hold a license from SEC. If they don't have permission, don't deal with them.
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