Avoiding Loan Scams

While SFC is committed to integrity and transparency, there are scam artists out there taking advantage of good people daily. We’re here to help you succeed and learning how to avoid personal loan scams is a critical step in protecting what’s yours from those who would trick you into giving away your money right when you need it most.

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When learning how to avoid personal loan scams, it helps to know some of the most common ones out there so you can see them coming a mile away:

 False Lending Companies

Reputable financial institutions will have clear, active contact information including a physical address, phone number, and a website. If you cannot put a company on a map and call them directly, be wary. You should always be able to follow up with a lender if anything goes wrong...or be sure the police can.

Blank Documents

Much like blank checks, blank loan documents can be very dangerous. Always make sure that you thoroughly discuss your personal loan with your lending agent and that the paperwork reflects all the necessary details before you sign it. If it doesn’t detail the loan amount, the specific terms, your monthly payment, and your interest rate, don’t sign it! Scam artists with signed, blank documents can fill in whatever they want regardless of what you discuss with them. Be sure it is all in writing before signing.

 

Do some research. If a site or an offer ever looks fishy, make sure to do research on the company before providing them any of your information. All secure lender or lender searching websites will be very clear about their privacy and security information. They will most likely provide a Better Business Bureau (BBB) seal and feel free to call the BBB to check on their business complaints. Also, most sites will provide a phone number, email or address for you to contact if need be. Be wary of sites that do not have a method of contacting the business directly.

 

Beware of companies requesting your social security number, bank account number, or credit card number without providing you any written documentation on the loan. Avoid giving out sensitive information over the phone unless you initiated the call to a business you know and trust.