1. A lender who’s not interested in your credit history
There are credit cards and many loans to match a number of functions including starting a business or consolidate your debt. This loan is yours simply sound too good to be true.
The money lending company will only approve the loan after they have check on the borrower’s credit history and the information provided by the borrower is correct.
2. Upfront payment
When a lender demands upfront application fee, tread the water carefully. Generally, legitimate lenders don’t request the borrowers to pay anything before the borrower receives the loan. Some scammers identify the borrower that such upfront payment is required because of poor credit health or will call this “processing fee”. These fees, if required, are normally deducted from the loan amount before disbursement.
3. Pressed to act promptly
Scammers will press you send money before getting any paperwork done or to give personal information. They’ll say it’s a one-time offer or you will need to act if not you’ll lose interest-free installments. Always insist on the paperwork and go through the fine prints before applying for anything, particularly when it involves cash.
4. Requesting info that is personal
Never give your credit card or bank account information over the phone or Internet if you don’t understand why such information is being requested and which business is doing the asking.