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  • How to spot a fake loan

    Posted on May 17th, 2018 admin No comments

    When shopping around for a personal loan, it is wise to be conscious of any potential scammers that may try and offer you a deal that sounds too good to be true.

    Though a loan may look legitimate from a first glance, there are various tell-tale signs to watch out for to spot a fraudulent loan.

    When applying for a loan, be wary if your lender:
    – does not evaluate your credit report before approving your loan
    – calls or emails you to advise that you are a candidate for a loan
    – asks for an initial fee to be wired to a local or international bank account
    – offers a low-interest rate
    – approves an amount that is higher than you require or applied for
    – emails you from a personal email address (i.e., hotmail or gmail)
    – sends correspondence using an email address where the company name is misspelt
    – gives you an immediate deadline to accept the loan
    – has not provided a legitimate address

    It is essential to ensure the company you are dealing with is legitimate. Find their number from an independent source and then call them. Never call a number provided in an email as the scam artist may be impersonating a legitimate institution.

    To be more adept at identifying a fraudulent loan and to avoid being scammed, never solely rely on the advice of a lender. It is always better to do independent research before you finalise your decision.

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