Beware of loan scams

Beware of loan scams

Hand declining phone call offer beside laptop

Scammers look for people who need money. Knowing the common tricks can help you protect yourself.

Common loan scams

Fake lenders and "advance fee" scams

A scammer pretends to be a real lender. They promise easy approval, even if your credit is bad. Then they ask you to pay a fee upfront for "processing," "insurance," or a "guarantee." After you pay, they disappear and you never get the loan.

Fake debt help 

Some scammers say they can settle or combine your debts for a fee. They take your money and your personal info, but do not actually help.

Imposter calls and AI scams

Scammers can fake voices and write messages that look like they come from a real lender. Be careful even if a call sounds real.

Warning signs of a scam

  • Someone is rushing you to act right now
  • An offer sounds too good to be true
  • You are asked to pay a fee before you get the loan
  • A stranger emails you with links or attachments

How to protect yourself

  • If a financial company calls you out of the blue, ask for the company name. Hang up. Look up the company online. Then call back using the phone number listed on their official website.
  • Do not give your credit card or bank account number unless you are paying for something and know who you are sending money to.
  • Do not give your Social Security number unless you are applying for credit.
  • Do not click links or open attachments in emails from people you do not know.
  • Look up companies on the Better Business Bureau before you do business with them.

Report a scam

If you think you were targeted by a loan scam, report it even if you did not lose money.

Last revised by staff
May 13, 2026