Scam Report

Personal Loans

Trusted Personal Loan Companies

All Personal Loan companies listed in our Trusted Directory have been fully vetted, rated and reviewed as part of our 5-step verification process.

If you see a personal lending / loans company listed you can be assured they provide a quality of service at the highest levels in the industry and importantly, get their clients the results they want without breaking the bank.

If they don’t cut it – they don’t get in. Simple.

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Legal Disclaimer: The purpose of this category is to connect potential borrowers with the lenders and financial service providers listed on this website. The operator of this website is neither a lender nor a broker and does not make any credit decisions. We do not charge you for the service we provide and are not a representative or agent of any lender or third party provider. We are compensated by lenders and third parties.

Avoiding Personal Loan Scams

In the same way that consumer’s financial situations and their need for borrowing money varies enormously – so do the types of companies that provide the personal loan services. From blue-chip banks down to small pay-day loan companies there are people there looking to help you – and unfortunately people looking to help themselves.

With a few exceptions there’s less of an issue with scamming at the blue-chip end of the market, but as personal loan companies get smaller and provide smaller loans to people with less healthy credit scores – this is where scams tend to become more commonplace.

Again, as with many financial scams – it’s when a consumer’s need is desperate and when there are heightened emotions in play that scammers are able to take advantage more easily.

From up-front charges for services that never happen, to overcharging fees, overcharging interest or outright theft – there are many potential routes to parting you from your money when personal loans are being offered.

Pay-day loans are expensive by their nature but can be straight-up scams. Car title loans and advance-fee loans are other areas of the personal loans market commonly at risk from scams.

Typically lying about how much loans will cost and taking extra fees by automated payment, personal loan scammers will do everything they can to take much more from the borrower than agreed – and make legal threats when questioned.

Be particularly careful when submitting personal and financial data on-line – not just for the risk of being scammed, but legitimate-looking websites have been found to take this information and sell it on the black market to scammers and identity-theft rings.

Loan aggregators, also called lead generators, can – and do – sell the information included on loan applications, and potential borrowers may not even know it. The application may ask for your name, address, phone number, date of birth, Social Security number, bank or credit card account number, annual income, and more.

The FTC have brought scores of law enforcement actions against these scam companies and partnered with state law enforcement to bring them down – but sadly the issue continues and we receive a number of reports every month from consumers who are still facing hard selling tactics, rip-off interest rates and false claims.

So how can you protect yourself when looking for personal finance?

  • When you are comparing credit offers, use the Internet to learn about the reputation of credit providers. Only use legitimate and trusted companies, such as those we list above.
  • Do not deal with companies who call you – be the one to reach out to the company.
  • Check a company’s credentials at the BBB and with your local Chamber of Commerce if they are in-state.
  • Read online reviews – is there a pattern of complaints with the company concerned?

And most importantly, if they ask for any money up front while making big promises – walk away.

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