Need a loan?
We have all heard the commercials or even seen them in the Internet. Some company offering a loan to help you meet your needs regardless of your credit qualifications. Unfortunately, these offers are often scams or loans that leave consumers worse off financially than they were when they started.
Here are some more warning signs that a lender you are considering is actually operating a scam.
So what are some ways to protect yourself from these scams? Always take the time to determine if the lender you are dealing with is licensed in your state. Start by visiting your State Attorney General’s office. If they do not have this type of information, they will know what agency in your state does. Being licensed does not mean the lender is wonderful, but it is a way of determining whether they are trying to obey the laws of your state.
Also, if someone offers you cash in exchange for cashing a check, walk away. This is definitely a scam. And remember, you should not have to pay money in advance in order to receive a loan.
If you are unsure whether a lender is legitimate, ask a friend or family member to look over paperwork with you. You can also shop around for the best loan available. If one lender believes you are loan worthy, then chances are, someone else will too.
For more information on how to recognize loan and financial scams, and for other options on how to manage your finances, call and speak to a certified credit counselor. They are available Monday through Friday, 6:00 a.m. to 7:00 p.m. PST at 1(888)282-5492.