Promises of fast cash and low interest rates are a common tactic used in loan fraud. They post ads, or reach out to you directly, promising loan approvals with low rates and no credit checks. They may spoof their phone numbers to appear as legitimate lenders. To get the loan, they say you need to pay upfront for expenses like “processing,” “insurance,” or “application fees.” When they receive the payment, they disappear.
Legitimate lenders don’t charge upfront fees to secure a loan. Your best bet is to ignore unsolicited loan offers.
Report scams to local law enforcement. For help from AARP, call 1-877-908-3360 or visit the AARP Fraud Watch Network at aarp.org/fraudwatchnetwork.