Q:

What are some ways to avoid personal loan scams?

A:

Quick Answer

People can avoid personal loan scams by being skeptical of any loan offer, particularly those that require upfront payments, notes the Better Business Bureau. People can also investigate companies through the Better Business Bureau before accepting personal loan offers.

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Full Answer

People should be wary of personal loan offers from companies that do not investigate borrowers' credit histories, require upfront fees, pressure consumers to act immediately, are not registered by the state and ask for wired payments or payments to an individual rather than the company, states the Better Business Bureau. Consumers should investigate loan companies closely, as scam artists often counterfeit the names, logos and email addresses of legitimate loan organizations.

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