Home Loan Scams Scam artists impersonating lenders to steal thousands of dollars

Scam artists impersonating lenders to steal thousands of dollars

WAUSAU, Wis. (WSAW) – The Better Business Bureau is warning consumers about scammers who are impersonating legitimate loan providers. In an email, the phony lenders guarantee a quick loan with no upfront fees. Once you agree to the loan, the “lender” takes your personal banking information and deposits the loan into your account via a check. Unfortunately, the check turns out to be fake. Victims often don’t realize it’s fake until after they pay the “insurance” and they’re out thousands of dollars.

How to avoid fake loan offers:

  • Avoid unsolicited loan offers. Scammers use offers of quick cash to lure you in, but don’t fall for it. Whether they contact you by phone, email or text or send loan offers by mail, approach all unsolicited offers for money with caution.
  • Expect a credit check. These scams often prey on people who may not easily qualify for a loan. No legitimate lender will provide you with a loan without performing a credit…

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