Loan Scam: How to spot tactics and protect yourself from fraud

Scammers often claim their loan offers are time-sensitive, creating a false sense of urgency that pressures victims into making quick decisions.

Some scammers may mislead you into believing that applying for loans elsewhere will negatively impact your credit score, instilling unnecessary fear.

Scammers frequently demand quick submission of documents or fees, insisting it's crucial to secure the loan before it vanishes.

They may threaten serious consequences, such as missing out on a major opportunity if you hesitate to accept their loan offer.

Scammers may promise loan approval regardless of your credit history or financial situation, luring you in with seemingly easy terms.

Scammers often produce counterfeit loan documents that appear legitimate but include hidden clauses or unfavorable terms that can trap unsuspecting borrowers.