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How to Spot Personal Loan Scams

Personal loan scams can be devastating, especially when you need money urgently. Instead of getting the loan you need, scammers take your money or personal information, leaving you worse off. At O1ne Mortgage, we want to help you avoid these scams. Here are eight warning signs to watch out for:

1. The Lender Guarantees You’ll Be Approved

Legitimate lenders will verify your identity and ability to repay a debt. If a company guarantees approval without any checks, it’s likely a scam. Preapproval and prequalification are not absolute guarantees.

2. The Lender Pressures You to Act Immediately

Scammers often pressure you to act quickly by threatening or offering limited-time deals. If you feel rushed, it’s best to walk away and consider other options. Real lenders should not be excessively pushy.

3. The Lender Demands an Upfront Payment

Advance-fee scams involve asking for an upfront fee in exchange for a loan. Legitimate lenders may charge application or origination fees, but be wary if there are other red flags.

4. The Lender Asks for a Lot of Personal Information

Scammers may use fake applications to collect personal information for identity fraud. Be cautious if a lender asks for unusual personal details, such as your mother’s maiden name.

5. The Lender Calls or Texts You First

While legitimate lenders may advertise or send letters, scammers often call or text you directly. Be cautious if you receive unsolicited loan offers via phone or text.

6. The Lender Isn’t Registered in Your State

Legitimate lenders must register in each state where they operate. Verify the lender’s registration through their website or your state’s attorney general’s office.

7. The Lender Doesn’t Have a Physical Address

Even online-only lenders should have a physical location. Scammers often avoid listing an address to stay anonymous. Verify the address matches the state license.

8. The Lender’s Website Isn’t Secure

Ensure the lender’s website is secure by checking for “https” in the URL. An unsecure site may indicate poor data protection practices.

What to Do if You’ve Been Scammed

If you fall for a scam, you may not recover your money, especially if paid with non-reversible methods. However, you can:

• Try reversing the transaction if paid by credit card, bank transfer, or P2P app.
• Report the scam to the FTC at ReportFraud.ftc.gov.
• Report identity theft at IdentityTheft.gov and add fraud alerts to your credit reports.
• Secure your accounts by changing passwords if shared with the scammer.

Get Matched With Legitimate Personal Loans

There are many legitimate personal loan companies. Comparing options can help you find the best rates and terms. At O1ne Mortgage, we can assist you in finding the right loan for your needs. Call us at 213-732-3074 for any mortgage service needs.

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