We at F.H. Cann and Associates Inc. have joined forces with the #DontBeFooled campaign to help people learn about some of the most concerning loan scams around. We recognize that many people might be interested in various loan offers, especially if they sound beneficial.
But the online world has made it easier for people to be scammed by these loans. Any scammer can get online and tell you something interesting, but that party will steal your data and rob you of thousands in the worst cases.
We want you to be aware of some of the more common loan scams around. Here’s a look at what to watch for when finding a useful loan for any purpose.
ELIGIBLE FOR LOAN FORGIVENESS?
Some scammers may claim you are eligible for loan forgiveness. But those scammers aren’t fully aware of your current case. You can only qualify for loan forgiveness if you meet certain rules established by a loan provider.
Groups that say you are eligible for forgiveness at any point will scam you out of your money. It is one of those “too good to be true” scams you’ll come across when looking for loans.
Student loan scams are on the rise! If someone tells you that you are eligible for loan forgiveness without even being familiar with your case, it’s probably a scam. #DontBeFooled protect yourself and report illegal activity. Visit https://t.co/fUbQGgOWLS for more info. pic.twitter.com/yJnE9o2Jyj
— FH Cann & Associates (@fhcann) April 30, 2021
DO YOU HAVE TO SPEND A FEE?
Many scammers will claim you need to spend a fee to get access to certain loan programs. But the fees these scammers will charge may be exorbitant and may lead you to loans that aren’t as favorable as what you can get without extra fees.
SENDING FINANCIAL DATA?
Scammers will request you send sensitive pieces of info like:
- Your Social Security Number or another identifying number
- Details on your bank account, including your routing number
- Info on whatever loans you have now, including passwords for your current loan servicer
A scammer will steal your data and use it to access your money. You could lose thousands of dollars depending on what the scammer does with your account.
A LACK OF VISIBILITY
Many loan scams can come from providers that aren’t fully visible. There are many common concerns to watch for in these loan scams:
- Some scammers may not have physical addresses listed on their websites.
- Scammers often use unsecured websites. Your data won’t be protected or secure on one of these sites.
- Some places may also require you to send a prepaid credit card out to qualify for a loan. You likely won’t get that card back after a while.
- Many scammers may also not be registered in your state. They might come from a different state and want to promote something to you, even if whatever they have isn’t useful.
These scammers will be more interested in gathering your personal data than they will be in helping you with your financial situation. Be aware of these points if you want to keep from losing money.
All these scams are worrisome concerns, but you can avoid loan scams with common sense and by looking at some of the most common signs of these scams. Our team at F.H. Cann and Associates Inc. wants you to stay safe when finding loans and ensuring you can keep your finances under control.