Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own.
Personal loan scams have been on the rise. Here are six red flags that can help you identify scammers and find reputable personal loan lenders. (iStock)
When you’re in desperate need of cash and unsure how to identify legitimate lenders, it can be easy to fall for a personal loan scam.
Consumers reported 99,667 cases of identity theft in 2020 for business and personal loans, according to the Federal Trade Commission. This represents a 127% increase from the previous year. If you don’t see the warning sign of a personal loan scam and you fall into a scammer’s trap, your identity can be stolen. You could end up with fraudulent information on your credit report, and a scammer could steal some of your hard-earned money.
To avoid being ripped off by fraudsters, learn how to identify some common warning signs of a personal loan scam.
If you’re looking for a reputable lender, visit an online marketplace like Credible to explore personal loan options.
What are personal loan scams?
A personal loan scam happens when someone pretends to be a legitimate personal loan lender. Although their deceptive tactics vary, they may promise to issue you a personal loan in exchange for an…
