![]() ![]() The scammer often hooks their target by making a big promise they can’t deliver on, or by hiding the actual cost of the loan. What Are Loan Scams?Ī loan scam is a loan that’s offered under false pretenses. That means you can easily spot a scam once you know what to look for. While a new scam is born nearly every day, most scammers use the same bag of tricks. More than $2.3B in losses to government imposter scams - up from $1.2B in 2020.8M fraud reports, totaling $5.8B in losses - up 70% from 2020.In fact, The Federal Trade Commission (FTC) collected the following information from consumers in 2021: In recent years, millions of consumers have lost money to government impersonation scams, after being led to believe they were dealing with a real government agency. ![]() Whether it’s after a natural disaster, during a recession, or in the midst of a public health crisis like COVID-19, predators see consumer vulnerability as an invitation to act. Tax Season Countdown All Over Again June 30, 2020ĭid you know that scam artists and predatory lenders come out of the woodwork during times of crisis?.Payroll Tax Deferral: Is It Worth It? September 11, 2020.How Biden & Trump Tax Policies Compare October 2, 2020.Why Is My 2022 Tax Return So Low? February 24, 2023.Paying Down Student Loans Before the COVID Suspension Is Lifted October 28, 2020.Google Is the Latest Company to Offer Student Loan Repayment Benefits November 3, 2020.How to Get a Refund on Your Student Loan Payments During COVID-19 May 3, 2021.Details on Biden’s Student Loan Forgiveness Plan October 25, 2022.Why Credit Card APR’s Are Rising, Despite Fed’s Third Rate Cut of 2019 November 4, 2019.Stimulus Checks for COVID-19 Relief July 1, 2020.FHA Steps in to Help Nursing Homes by Backing Mortgages February 1, 2013.JPMorgan Accepts $13 Billion Fine For Lending Practices November 20, 2013.Why Millennials Aren’t Buying Homes December 14, 2016.How the Fed Raising Interest Rates Affects You July 29, 2022.3 Reasons To File For Bankruptcy June 22, 2015.In Era of Trump, Has Bankruptcy Stigma Lost Its Sting? August 8, 2019.Court Ruling Favors Student Loan Bankruptcy Discharge October 2, 2020.Nonbanks Fill Demand from Borrowers with Poor Credit April 25, 2018.New Law Allows Credit Freeze October 22, 2018.How the New FICO Credit Scoring System Will Affect You January 29, 2020.Should I Apply for a New Credit Card During COVID? September 24, 2020. ![]()
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