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Warning Signs To Understand Personal Loan Frauds

Loan scammers find out persons who are in urgent need of funds and try to manipulate them by giving them false hope and claims. Here are some signs of personal loan frauds. Be cautious about such situations. https://yourownfunding.com/the-9-most-common-personal-loan-traps-and-scams-to-avoid/

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Warning Signs To Understand Personal Loan Frauds

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  1. How To Identify And Avoid Personal Loan Frauds?

  2. PERSONAL LOANS Whenever you face a financial emergency and in need of cash immediately, personal loans seem to be the option. But due to the borrower's need for urgent funds, some fraud lenders take undue advantage of the situation and rob the borrowers.

  3. Signs of Personal Loan Scam

  4. Up Front Cost Any loan that demands money beforehand for “insurance” or “processing” is not legit. Financial institutions do charge a processing fee, but the amount is deducted from the loan they advance to you.

  5. Loan Approval Guaranteed Stay away from any loan ad that says ‘loan approval guaranteed’. There’s no such thing as a guaranteed loan. Loan approval depends upon several factors, including your credit history and verification of your information.

  6. Time-Bound Offers If you get emails or see ads that urge you to take a loan “now” because the offer is for a limited time period only and will expire soon, be cautious.

  7. Undesired Communication Fraud lenders send messages, emails and calls, to people in urgent need of cash, regarding instant availability of loan money for them. Such emails and messages can make you believe that you will get a guaranteed loan without any sort of eligibility criteria or credit score check. The motive of such lenders is usually to extract your personal details. Do not fall prey to them and be cautious of personal loan frauds.

  8. Online Spoofing If the website of the lender doesn’t have an ‘s’ after the ‘http’, that’s a red flag and you should stop surfing through such sites immediately. The lack of an ‘s’ means that the website is not secure and is a possible sign of a scam. If you take a loan from such a website, they can make use of your personal information, including your bank account number and password.

  9. Let's Talk MAILING ADDRESS 5579-B Chamblee Dunwoody Road #219 Atlanta, Ga 30338 EMAIL ADDRESS cs@yourownfunding.com EMAIL ADDRESS https://yourownfunding.com/ PHONE NUMBER 1 877-755-2103

  10. Thank You

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