Are you looking for loans or credit cards? Have you been denied the loan request for the lack of a good credit rating? Well if this is true, you must be looking for the lenders who offer you the much-desired loan and the credit cards. Chances are high that you will get lured by the attractive ads online or in the frontline media, offering guaranteed loans and credit cards without no credit checks or even if you have faced bankruptcy or have bad credit.

Understand that one cannot guarantee a loan. Lenders are out there in the market for profits and will never make lending decisions until they assess the risk associated with such decisions. So if you go for these offers, you are heading for a Scam.

Scam Alert on Social Media

Social media sites are a rage today. One can find several attractive loan offers on sites like Facebook, twitter that are too good to be true. Apart from this, these offers carry the names of the reputed lenders too. However, make sure that you visit the official website of the companies you decide to deal with them. Check on their credentials, go through the BBB listings and need be talk to the officials and arrange a visit to their offices before going for any deal and passing on your personal information online. Remember, these scammers could use your personal information for serious crimes, and you can have your life proving yourself right.

More Information on Scams

One needs to be vigilant and check on the following as an indicator of frauds:

  • Beware of the lenders who say that they do not care about your credit ratings, are not going to look into your past financial records or even about the assets you posses, but they can guarantee you quick, easy and low interest loans. One should understand that when it comes to the money matters, lenders never make lending decisions until they are sure of the repayments.
  •  Upfront fees – Scammers can contact you via an email or phone from their office, stating you have grabbed a great loan offer but will have to provide a certain amount for the processing or documentation purposes. They will not offer you clear understanding of the purpose of the requirement and will try to convince you to provide the money at the earliest so that you do not lose the offer. Stay away from such lenders.
  • Lenders who require your SSN and the Bank Account details in their preliminary loan application form marked as Mandatory entries Legitimate Banks and the lenders do not require these until you have cleared the preliminary stages of the approval process and are called for taking the disbursal.
  • Lenders offering loan on phone
  • Lenders not registered in the state they are operating should be an alert signal for you.
  • Stay away from the lenders who require processing fees or any other pertinent money requirements via wire transfers or if they ask to hand it over to an individual.
  • Remember, scammers are intelligent people, and they do a lot of research on the consumer behavior and the market dynamics before they come up with ideas, which are hard to resist by the borrowers in need.

Got Scammed- Where to go and what to do?

Even after taking all the precautions, if you are scammed you should report about the scammer to the Federal Trade commission. This might not assure you the return of the losses but will definitely ensure that other borrowers like you do not get into the same trap.

Complaints can be made online and take merely 10-15 minutes.

In case of the frauds, miscreants have an access to your SSN, bank account details, and personal identification details. This makes you vulnerable and you can be robbed of your money. So what to do?

    • Get your credit cards blocked and request for alternative cards
    • Inform the banks not to authorize any online payments from your accounts.
    • Report to the Federal Trade commission
    • Check your credit report regularly for any discrepancies and transactions which are unknown to you and get them removed.