Online Loan Scams

Authored By: Rose Samuel on 5/20/2021

 

No Credit Required!        No Proof of Income!        Everyone is Approved!

When searching for a loan online you may see the common phrases above. Those all seem very appealing when in need of financial assistance, and that is exactly why the scammers market them. Scammers frequently offer online loans without any qualifications in hopes to obtain your personal information. When in reality, the scammers will just steal your data and often ask for an advance fee upfront. This leaves you with your identity at risk and out even more money. 

Online Loan Scam Red Flags: 
 

No Credit Required
When lending, credit worthiness is always reviewed by the lender.


No Proof of Income
Lenders need to ensure repayment by reviewing monthly income.


Everyone is Approved
An approval will follow your credit and income review.


Request to Deposit Loan Funds through Home Banking
Never share your home banking credential with anyone.
Scammers will frequently offer to deposit your loan funds through a check and insist on your home banking login info to do so.


Spelling and/or Punctuation Errors
Check the fine print on the website for common spelling errors. Fake websites offering scam loans often will have simple phrases misspelled or miss punctuation.
 



To report a scam, please visit the Federal Trade Commission Complaint Assistant to submit a complaint for further investigation. We also ask that you let us at MFCU know so we can help monitor your account activity and alert you of something out of the norm. 

 



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