ScamCrypto Forum Forums Scam Prevention and Education Beware of Loan Scams: A Comprehensive Warning to All Forum Members

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  • #452 Reply

      Hey everyone,

      I wanted to take a moment to talk about a serious issue that’s been on the rise lately – loan scams. These fraudulent schemes are becoming more sophisticated, preying on unsuspecting individuals, especially during times of financial hardship.

      Loan scams come in various forms, like advance-fee scams, payday loan frauds, and student loan scams. They usually begin with an offer that seems too good to be true – quick cash, low-interest rates, and guaranteed approval, even for those with poor credit. The red flag here is usually the request for an upfront fee or personal information before the loan is approved.

      The Impact: These scams don’t just lead to financial loss. Victims often suffer from emotional stress, and their credit scores can take a hit. It’s not just about losing money; it’s about the overall impact on your life and future financial stability.

      Stay Protected: Always research the lender thoroughly, check for any licensing and registration, and read all loan documents carefully. Remember, legitimate lenders never ask for upfront fees for loans or loan approvals. If something feels off, trust your instincts.

      Victim of a Scam? If you find yourself a victim, immediately cease all communication with the scammer, document everything, and report it to your bank, local authorities, and national consumer protection agencies. It’s crucial to act fast to mitigate any further damage.

      The rise of cloud-based personal loan scams and hardship loan scams shows that these fraudsters are always finding new ways to deceive. These scams are particularly dangerous because they target individuals in desperate situations, offering fake relief.

      We all need to be vigilant. Always approach loan offers with skepticism and caution. Share this information with friends and family to protect them as well. If you’ve had any experiences or additional advice, feel free to share them here. Together, we can fight against these predatory practices and keep each other safe.

      Stay safe and informed, everyone!

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      • #471 Reply

          I was scammed for $500… Here’s how it happened: I was approached by an entity claiming to be an online loan provider named Cash America. They informed me that I was approved for a loan. However, due to my insufficient credit score, they needed to deposit funds into my account first. The idea was for me to then send the money back to establish my status as a previous customer. Accordingly, they deposited $400 into my bank account. When I attempted to return the money via CashApp, the transaction failed. As a result, I had to convert the amount into Bitcoin and sent it back in that form.

        • #470 Reply

            I was scammed for $800.

            I am a customer of City National Bank on 2nd Street in Mason, WV. Recently, I was trying to secure a loan when a company, which introduced itself as Aspire Banking, contacted me. Fortunately, my bank detected something amiss, disputed the transaction, and successfully returned the $149.00 fee to my account on the same day.

            However, another issue arose when a man named Kevin, claiming to have seen my online request for a $5,000 personal loan, contacted me. He fraudulently deposited a total of $5,970 into my account, which turned out to be counterfeit funds. Now, my bank holds me responsible for this mishap and intends to withhold my checks until I repay $3,000, as informed by the fraud department. The collections department, however, has a different stance, noting my account is overdrawn by $1,856.16. They mentioned that for any deficit under $1,200, they would offer a new account under a ‘Fresh Start’ program.

            This situation is particularly challenging for me as I am disabled and rely on a monthly SSI check of $914.

          • #468 Reply

              I sought financial assistance online from MT Morgan. Initially, I paid a processing fee of $502. Afterward, I was instructed to deposit $3,500 into an escrow account. Subsequently, I was told to pay $5,020 for security before the funds would be disbursed. I decided to cancel the loan and was then told to send in $1,400 to process my refund. However, I haven’t received any refund yet.

              I lost a total of $3498 to this scam.

            • #465 Reply

                Lakeside Funding attempted to obtain $585.00 from me on November 7, 2023, as part of a process to secure a loan of $7,500.00. They requested that I send money via Cash App and then convert it to Bitcoin. Their phone number is 1-888-800-6171. I suspect that the individuals involved, who were active on Facebook, may have accessed and taken money from numerous people’s accounts.

              • #456 Reply

                  I was seeking a personal loan of $5,000 for the holidays. However, instead of receiving a lump sum, I was sent several small checks that I needed to repay before I could secure the entire loan.

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