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Personal Loan Scams to Look Out

Surely that won’t be enough?

Some banks will pressure you into applying for more money than you actually need, and more than what you can realistically afford to pay. They do this knowing that they will benefit in the long run. It goes without saying that you should never apply for more than you can afford to pay back within the stipulated time period. Make sure that you are aware of your budget and limitations!

Legal threats

Once your loan has been approved, you still have the right to decline the lender’s offer. Many will attempt to convince you that they are going to take legal action against you should you refuse the loan. This is simply not possible. In order to avoid this, be sure to know your rights before visiting any banks or money-lenders.

Upfront payment

If you are asked for an upfront payment before your loan application has been processed, refuse and go elsewhere. No reputable bank will request this of you.

Loan offers via email

If you receive an email offering you access to financial assistance, even if it looks like it comes from a well-known bank, it is almost certainly a scam. The sender is probably phishing for your bank details. Do not reply to any such emails, and if the communication continues, consider reporting the sender’s email address to the police.