Personal loans are a great option
for individuals looking for a fair interest rate and
fixed monthly payments. They are used by thousands of
people each year for reasons such as: vacations, car
purchases, and debt consolidation. If you decide that a
personal loan might be advantageous for your situation
then be sure and take precautions when shopping for a
lender. There are many fine financial establishments who
offer good products and great customer service.
Unfortunately, there will always be some disreputable
companies that are looking to make a quick buck at your
expense. It is important to be aware of personal loan
scams so you don’t become these criminal’s next
victim.
Current or Past Scams
900 Number Scams. This scam
offers unsecured personal loans to people with less than
perfect credit or to those who are living on pensions.
They are told to contact the lender via a 1-900 number.
What they often fail to realize is that the calling
charge is billed at $ 5 per minute. The “lender” has no
intention of providing an individual with a personal
loan, instead, the goal is to keep the person on the
line for as long as possible. Often the customer will be
placed on hold or told to call back..
Disclaimer: The information
provided in this site is not legal advice, but general
information on financial issues commonly encountered. We
shall not be liable for any errors in the content or for
any actions taken in reliance thereon. Please consult
your financial
advisor.
