Loan Scams; Beware

Article by John Willison and Carrissa Johnson

What is a loan scam??

It is an illegal scam. If you ever get a number that starts with a 1-800 or 1900 DON'T ANSWER IT OR LISTEN TO ANYTHING THEY HAVE TO SAY. They will tell you to call a representative minimal information about the so called loan. Your credit history doesn't matter. All of the so called loans are approved. Then they'll tell you send a fee in return for a loan, but you never actually get the loan.
An example is if a student gets a phone call of getting a loan in an exchange of $50. He accepts the offer and sends the money to the address that was given. They wait and wait but the loan never comes. That's when you should consider the consequences.