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Online Scams: How To Avoid Getting Fooled
Personal Loan Scams - They Never Seem to Stop
Personal loans seem like a great way to generate the revenue you require for a variety of needs. Such loans can be secured by banks, loan companies, private investors, and online lenders.
It is important to become aware of personal loan scams... and how to avoid them. This type of scam was ranked #5 in the United States for the year 2000. On average, each person scammed lost $464.
As a result, the Federal government has worked hard to educate the public about such scams.
The advanced fee personal loan scam is the most common method of taking your money and running away. Most victims never report it to the authorities because they are embarrassed they fell for such sucker bait.
Victims also feel angry. They obviously needed money or they would not have applied for a loan in the first place. They now have less money than they did at the beginning.
Those who do report being taken are often frustrated because the perpetrators are rarely caught and brought to justice. It is very important that you DO report any such instance of being taken by the advanced fee personal loan scam.
If you waiver, by failing to report your victimization, you are further enabling the predator to do it to others... many others.
Advanced fee personal loan scams work on those who are desperate for a loan, over trusting, uneducated, and who have bad credit. More than half of advanced fee loan victims are under the age of 30.
The lender assures the applicant that they guarantee they can work with their situation, no matter how hopeless it may seem.
With the technology available now, it is not uncommon for the operators of these scams to have websites, and even 1-800 toll free numbers, for you to call.
They will then send letters that look so official, you will not give this process a second thought.
The stories of those victimized by such advanced fee personal loan scams should break your heart. One woman had been laid off and was about to be evicted. She found another job and applied for a personal loan to get caught up on the rent.
She paid the lender almost her entire first paycheck for so called processing fees on this loan they guaranteed was forthcoming... as soon as she paid the required processing fee. She was understandably upset when she was later evicted,
and learned the lender had taken off with her hard earned money.
To protect yourself from falling victim to such advanced fee loan scams, be careful who you attempt to borrow from.
Make sure they are a reputable company. If they are an online business, check with the Better Business Bureau.
Make sure you enter their business name exactly as they list it.
A well known practice of these scammers is to use a name very similar to an actual reputable lending institution that applicants may recognize
For anyone with bad credit, or no credit at all, do not believe something that sounds too good to be true.
There is good reason why such offers sound too good to be true. They are NOT true.
You should never have to pay any fees up front to apply for a loan, or to have it processed, or guaranteed. Some loan scammers will call the fees you pay the first month as a surety payment, or a high risk deposit.
Applicants need to be aware that no such things exist. As a matter of fact, any lender must allow you to have access to the funds for minimum of seven days before they can collect a first payment.
You can check the legitimacy of any fees charged by a financial institution with the Federal Trade Commission. Chances are, they will not answer the phone.
They are already trying to help hundreds of thousands of victims of this scam, and you are just one more victim for their files.
If you need advice, are facing financial difficulties, look for help from a reputable non-profit credit counseling service rather than from a lender.