Recognize Fraudulent Personal Loan Offers

You should suspect that a personal loan offer is fraudulent if:

The individual claims that you have been pre-approved for an installment loans, lines of credit or any type of personal loan and then requires you to purchase a prepaid debit card or wire money as a “processing fee” or “good faith deposit”. Legitimate lenders do not require good faith deposits.

The individual requests that you send money up front via a wire transfer or money card such as Green Dot cards. With legitimate loan offers including payday loans, you should not have to give money in order to get money.

The individual requests to get your personal or financial information. You should always be cautious when volunteering any personal or financial information over the phone or internet. Never provide payment information that you did not initiate. If you are uncomfortable with a phone call that was not initiated by you, hang up or ask for the purpose of the call. Then contact the company using legitimate sources such as contact phone numbers found on the company’s website.

Category: Security

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