How to Avoid Loan Scams

It does not matter whether you are getting a home loan, auto loan, or a payday loan. There are scammers out there who are only out to rip you off or gather your information. Here are a few tips to watch for:

  • Never get a advance fee loan – never pay anything up front
  • Watch the loan rates for pay-day loans – if they offer cheap rates, make sure you have used them before or know someone who has
  • Getting phone calls for your college age children’s tuition – stay away. Politely tell them you already have it taken care of. Theses are the ones that will rip you off.
  • Never give information to some company that calls you that you never heard of

Always do your research before jumping in no matter how desperate you are. You can always find a legitimate way to get help.