7 Warning Signs of Personal Loan Scams

Loan scams are everywhere and cost 1.1 million Americans over $900 million every year! Protecting your money means knowing the warning signs to personal loan scams and being ready.

I’ve been doing personal loan reviews since 2013 after using a few online loans to repair my credit and get out from a financial hole. In that time, I think I’ve seen every scam and fraud in the book. In fact, a blog post highlighting these online loan scams has more than 74 comments from readers sharing their own experiences.

That’s why I’m doing this video, to make sure everyone knows the warning signs and to share the legit resources you can use to get a loan online. I’ve used or reviewed dozens of online loan websites. They can be a big help in consolidating debt and getting back on your feet, or they can trap you in a cycle of debt that leads to bankruptcy.

I’ve used this website, Personal Loans, the most and it’s the one most often recommended by readers. Checking your rate doesn’t affect your credit score and you’ll get a decision in less than a minute. Check your rate on a loan up to $35,000 here https://peerfinance101.com/personalloans

Once you know the warning signs for loan scams and tricks, you’ll be able to look for legit online loans and get lower rates. I did a comparison of 10 websites I’ve used and reviewed here. https://peerfinance101.com/list-peer-to-peer-online-loans-sites/

In this video, I’ll start by sharing my experience with online loans then reveal each of those seven warning signs. I’ll detail each of those loan tricks and what to watch for before you lose your money. I’ll then show you how to check if a loan company is legit and how to get a personal loan.

0:40 How I Used a Personal Loan to Consolidate Debt
2:00 How Much Do Personal Loan Scams Cost Every Year
2:11 What is a Personal Loan
3:07 Problems with No Credit Check Loans
3:52 Never Pay a Fee for Personal Loans
4:38 Beware of Unregistered Online Loan Websites
5:05 How to Check for Loan Scams
5:44 How to Avoid Spam Loan Emails
8:15 The Two Most Common Loan Scams

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Joseph Hogue, CFA spent nearly a decade as an investment analyst for institutional firms and banks. He now helps people understand their financial lives through debt payoff strategies, investing and ways to save more money. He has appeared on Bloomberg and on sites like CNBC and Morningstar. He holds the Chartered Financial Analyst (CFA) designation and is a veteran of the Marine Corps.