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Personal loan scams are fraudulent loan offers that aim to collect sensitive personal information and fees from victims—with no intention of ever extending a loan. Luckily, you can avoid these scams by keeping an eye out for red flags like upfront fees and vague or nonexistent lending requirements. When shopping for a personal loan, you can also avoid scams by reading online reviews and getting lender recommendations from friends and family.
What Are Personal Loan Scams?
A personal loan scam is a way for fraudsters to obtain your Social Security number or collect fees without lending you any actual money. Some of the most common personal loan scams involve fraudulent lenders acquiring your information or funds by promising a loan without a credit…