9 ways to spot personal loan scams

Consumers lost a total of $1.9 billion collectively to fraudulent practices in 2019, according to the Federal Trade Commission. Debt consolidation, medical bill payment and other services can offer attractive personal loan options and lure in unsuspecting consumers who then learn that the lender was nothing more than a fraud.

a group of people sitting at a table: Couple discussing finances with lawyer

© fizkes/Shutterstock
Couple discussing finances with lawyer

How can you determine whether a loan company is legitimate? Here are common signs of a potential loan scam.


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What are personal loan scams?

Loan scams are fraudulent businesses that prey on consumers who are looking for quick solutions to their financial problems, says Daniel Hill, a CFP and president of Hill Wealth Strategies. They’re typically found online, with no storefront

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The American College of Financial Services Announces Four Steps Forward Initiative to Promote Upward Mobility and Wealth Building for Black America

Viable action plan for financial services industry to make sustainable, generational change to promote racial equality and financial wellbeing. The College to launch new Center for Economic Empowerment and Equality

King of Prussia, PA, Aug. 20, 2020 (GLOBE NEWSWIRE) — The American College of Financial Services announced today Four Steps Forward, a holistic initiative to help combat racial inequality, promote wealth creation in the Black community, and generate upward mobility in communities of color for future generations.

The College created Four Steps Forward around the principle that the financial services industry has a pressing obligation to address the systemic racism that exists today given the industry’s central role in helping people accumulate, retain, and distribute wealth. As such, the industry is best positioned to create real change in Black communities and to dismantle the pervasive racial inequality that it helped build.

“The financial services industry cannot afford to repeat

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