Personal Loan Scams

Advance fee loan fraud takes advantage of the most vulnerable members of our society. These leeches often promise large unsecured loans to people who are unable to have a loan approved through traditional financial institutions, or take advantage of trusting souls with little financial experience. Armed with a smooth-as-silk sales routine and a complete lack of conscience, these scam artists often steal amounts that range from hundreds to thousands of dollars from unsuspecting consumers. Adding insult to injury, these losers often gather enough personal information from their victims to make them candidates for identity theft. Don't become a victim! Please review and share the tips below.

 

Unfortunately it seems like whenever any new legitimate internet business pops up, two internet scams are soon to follow in its place. The cyberworld can be a scary place for anyone, especially when you are supplying sensitive and confidential data. It is important to know how to tell a personal loan scam from real legitimate online lenders.

 

Here are a couple of things to be aware of when applying for personal loans.

• Check for valid security certificates (SSL)- Not every page on a website will a have a link to the security certificate but the page that you actually submit information through should have a valid link to the security certificate- example would be VeriSign secured- this will also inform you of the owner of the website.
• Check for other links (not just graphics) to the BBB, McAfee/Norton, and other security companies like Truste and thawte.
• Legitimate payday loan sites should also have a privacy policy and safety and security guarantee listed on their website.
• Also there should be a number, email or form provided if you need to contact that company for help. Feel free to call them and ask them about their security measures, or the above items, before submitting your data.