How To Know A Fake Loan App

This article will tell you and help you how to know a fake loan app and loan scammers online that will not give you your desired loan amount.

If you are desperate for money but have poor credit, it is easy to accept any personal loan offer. There are many scammers who will take advantage of this situation. They might offer loans through online advertisements.

How To Know Fake Loan App

These fake loan app will promise you a million naira or close to 2 million naira on your first application which is not possible at all, also try do some online finding and real reviews on our website before you apply for any of these fake loan app.

You can also check this list of all fake loan apps that the federal government of Nigeria has deregistered them

We will be discussing warning signs victims of loan frauds in this article.How to Identify Fraudsters and Loan Scams

VIDEO: How To Know Fake Loan App

How do I spot fake loan app?

These are the best ways to tell if there is something suspicious:

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1. There is no interest in your credit history

Before making a loan, legitimate lenders assess a person’s creditworthiness. Don’t believe anyone who says “Bad credit”. You don’t have credit? No problem !”, or you could fall for loan frauds. It’s a problem. It is YOUR problem. An credit bureau is always available to a credible lender.

2. Phone Offer

It is against the law to offer loans over the telephone. All offers must be in writing. All fees associated with the offer must be clearly stated.

3. Additional Fees

These fees may be referred to by the lender as application or document fee, but they are not. Consider this: Before you can get a loan, you are asked to send money. It’s a fraud. Scammer with loans All fees must be disclosed by legitimate lenders They are usually rolled into the loan cost and not paid in advance.

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4. Wire Transfers

It’s a red flag if a lender asks you to wire money for fees. Never wire money to anyone. Always verify the physical address of the lender. To verify that it isn’t a loan fraud or legal business, contact the Attorney General of the state.

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5. Copycat Name

To appear legit, loan fraudsters will create a website or business name that sounds or looks legitimate in an effort to make themselves look legitimate. To verify the address and phone number, it is a good idea to contact the Better Business Bureau. Please be careful if the mailing address appears to be a Post Office Box.

6. Personal Information

If you’re not sure that you are dealing with a responsible lender, you should never give out your social security numbers, birth date, or any other personal information. Scammers could use your personal information to identify theft or steal your bank account. There are banks today that offer loans with no collateral or other information.

7. Register for your state

Lenders and loan broker must register in the state where they conduct business. Check with your state’s Attorney General’s Office Financial Regulation or Department of Banking to verify. While it won’t guarantee a perfect relationship with the lender, it can help to spot loan fraud.

8. Customer Service

You can reach reputable lenders by calling their phone number. You shouldn’t give your business to a company if you don’t feel comfortable with customer service. You shouldn’t accept the automated phone system. You should be able speak with someone.

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9. Review

Online reviews have become very influential. You can also use them to help you choose a reliable lender. While you can search for the name of the person or company, Facebook, the Better Business Bureau, and other sites that focus on lending reviews are all good options. Be aware of negative reviews. This is a sign to be cautious about if there is consistency in several locations and everyone forms a negative impression.

10. Red Flags

There are several signs that you should be concerned about. Email messages that contain mistakes in grammar, spelling, punctuation, capitalization, punctuation, and/or punctuation should be suspicious. This is a sign of a lack professionalism. If you are offered a free period of time (like a year without any payments), before repaying the loan, be wary. Be wary if the lender claims they do not require credit checks and will lend money to anyone regardless of their financial history.

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