In 2020, there were 99,667 reports of identity theft for business and personal loans, according to the Federal Trade Commission. This represents a 127% increase from the previous year. If you don’t see the warning sign of a personal loan scam and you fall into a scammer’s trap, your identity can be stolen. In addition, the scammer may take some of your hard-earned money. In addition to taking your money, the scam artist could also hit you with identity theft, potentially leaving you with bad credit
One way to avoid falling victim to a personal loan scam is to compare offers from multiple legitimate lenders through a lender’s website or another safe method to find the best personal finance loan for your needs.