Loan Scams

Loan scams are fraudulent schemes that target individuals seeking financial assistance by offering fake loan services with the intention of defrauding them. These scams prey on individuals in need of funds, such as those looking for personal loans, business loans, or debt consolidation. Scammers often pose as legitimate lenders, promising quick and easy loan approvals, even for individuals with poor credit history. They may request upfront fees, personal information, or copies of sensitive documents as part of the loan application process. However, once victims provide the requested information or pay the fees, the scammers disappear, leaving the victims without the promised loan and at risk of financial loss or identity theft.