Lifestyle
Avoiding loan scams requires vigilance and scepticism. Here are some red flags to watch out for and tips on how to stay away from loan scams
Avoid unsolicited loan offers via phone, email, or text, especially if you haven't contacted the lender. Legitimate lenders seldom contact borrowers without a request.
Avoid lenders who guarantee loan approval regardless of credit or finances. Legitimate lenders evaluate borrowers' creditworthiness and financial stability before lending.
Be wary of lenders who offer substantial loans without a credit check or much cheaper interest rates than others. These may indicate fraud.
Beware of high-pressure lenders who push you to decide. Loan conditions are straightforward, and consumers have time to explore alternatives with legitimate lenders.
Be wary of lenders with poor language, spelling, or communication. Legitimate financial firms communicate with consumers professionally.
Check the website's security before entering personal or financial info. Trustworthy lenders utilise "https://" and a padlock in the address bar.
Lenders with actual locations, phone numbers, and emails are legitimate. Avoid lenders that just offer a P.O. box or no contact information.