When you’re in desperate need of cash, it’s easy to accept an offer from a lender you found online. However, there are many online loan scammers that should be avoided at all costs. Some promise you a personal loan in exchange for a small fee, while others ask for a social security number or banking information to steal your identity. We want to share a couple of ways to spot a loan scammer.
Telltale Signs
Here are a few warning signs that a lender is a scammer:
- The loan is offered over the phone.
- The loan requires a wire transfer first.
- Any possible fees aren’t disclosed first.
- The provider isn’t a state-registered agency.
Know Your Borrowers Rights
According to the Federal Trade Commission (FTC), debt collectors cannot:
- Contact you at work after asking them not to.
- Harass you with repeated phone calls, profane language, and threats.
- Contact you during inappropriate times like the very early morning or late evening.
- Communicate with your friends, relatives, and employer to find out where you live.
- Make false claims where they threaten to have you arrested or deduct money from your paycheck.
Apply for a Loan with VFCU!
Valley Federal Credit Union has been in operation for over 85 years, is an equal housing lender, and is registered with the NCUA. As a member of our credit union, you’ll enjoy:
- Fixed interest rates on our loans.
- Member perks such as insurance and financial planning.
- Convenient mobile banking, quick transfers, and mobile check deposits.
Contact Us Today to Become a Member
Contact us online or call (956) 546-3108 for questions about our loans or to become a member. Please know that our loan rates are subject to change without notice.
