Fake Loans, Real Losses: How to Spot and Avoid Fraudulent Loan Schemes
Loan scams prey on individuals who are in urgent need of money, have poor credit histories, or unaware of the risks. Scammers lure victims by promising quick loan approvals, often with no credit checks, and demand an upfront fee disguised as a processing charge, security deposit, or insurance cost. Once the payment is made, the scammer disappears and the loan never materializes.