Guaranteed Loan and Line of Credit Scams
Guaranteed loan and credit scams typically take your money in the promise of a loan, credit card or another type of credit. Their emails and advertisements guarantee that a loan to you will be awarded, and credit history is not a hurdle.
The scam begins when the loan starts, you have to pay a fee. It’s a fairly substantial fee, but if you are short of cash and someone offers you a chance to get back on top, who wouldn’t take it up?
With these scammers, you won’t see a loan or credit card after you’ve forwarded the upfront fee. They will take your fee and disappear, as simple as that.
Tracing these people is next to impossible, as they are often off shore and move around quite a bit. They also tend to use middlemen who have no idea what is going on, just the promise that they might make some cash, too.
For your own safety, insist that any fees be included in the loan amount for you to pay out over the term of the loan and check out the company you’re dealing with. Online search engines are fantastic for locating scams. Also, consumer information agencies can help you with consumer help lines that may have important information about the organization you’re dealing with.
Most importantly, never give out social security, credit card or bank account details to any organization until you are certain they are legitimate.
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