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7 Ways To Detect Fraud With Personal Loans


According to the Federal Trade Commission, consumers lost a total of $1.48 billion in 2018 due to fraudulent practices. Debt consolidation, payment of medical bills and other offerings can attractive personal loan options and enchantment to unsuspecting consumers who later examine that the lender became a fraud. How can you protect yourself? How can you check if a credit company is legitimate? Learn and understand these common signs of possible credit fraud.

7 signs that a lender can be a fraud

1. The lender is not interested in your payment history

One of the first things you should see is the requirement to withdraw your credit report before borrowing money. Accredited lenders make it clear that they need to check your creditworthiness You need to know if you have paid your bills on time and in full in the past to ensure that you pay off a loan with such care.

On the other hand, credit fraudsters are not really interested in a quick repayment. They tend to do the opposite by seeking out high-risk debtors who are probably to fall behind on loan payments and, therefore, incur excessive penalties and past due payments.

The lender is not registered in your state

 Federal Trade Commission (FTC) requires lenders and credit intermediaries to register in the states in which they operate. If a lender you are interested in does not contain a statement, it may be fraudulent credit.

Check the lender’s website for a list of the states in which you operate legally. If you cannot find it, contact the Attorney General’s office for further investigation. Lenders must also work under banking law; Also look for this information on the lender’s website.

3. The lender needs a prepaid debit card

Some fraudsters ask you to present a prepaid debit card, which they will need for insurance, guarantees or fees. Legitimate financial institutions may charge a fee for your application, assessment, or credit report, but these fees will be deducted from your loan. A prepaid debit card can be a useful tool for personal loan fraud. It’s virtually impossible to track cash and good luck reporting it as stolen if you’ve voluntarily given it to a scam.

4. The lender calls, writes or touches

Legitimate lenders usually advertise as you would expect, for example online or in other media. If you receive a loan offer by phone, mail or even door to door, be notified immediately. According to the FTC, it is illegal for businesses to offer credit over the phone in the United States.


5. The lender’s website is not secure

When you visit a lender’s website, what you can’t see can be as important as what you see. Always looking for:

A padlock icon on each page asking for personal information

An “s” after “https” in the site address – “s” as secure “- is therefore displayed as” https: // www … “.

The padlock symbol and security address mean that the website is protected from identity thieves who steal personal information and sell it to other criminals.

At best, the absence of these security measures means that the lender does not care about the integrity of the website. In the worst case, it can mean that the lender intentionally discloses your information in the context of credit fraud.

6. The lender does not have a physical address

Make sure the lender you are interested in has given a physical location. (Despite this, you still want to associate this address with Google Maps. In some cases, companies that commit fraud with personal loan list addresses that are actually free lots.)If you can’t find any sign of a real physical address, you should avoid the lender. Many credit fraudsters prefer to be incomprehensible in order to avoid legal consequences.

7. The lender invites you to act immediately

Do not fall into the urgent call. One of the characteristics of fraud with personal loans is the immediate deadline for applying for the loan because the offer is pleasant.


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