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