Greg's Corner

Think that loan offer is a lifesaver? Think again.

So you find yourself desperately short on cash and some bills need to be paid or else. While perusing the internet you find an online ad promising a loan with a low fixed rate and implied promises that you’ll be approved for thousands of dollars. This has to be too good to be true right? You bet it is.

Once again this is another overseas scam designed to separate you from what little money you may have and possibly more. What happens when you respond to one of these ads is that you’ll receive an email form to fill out asking for all sorts of personal information. Once you fill that out and send it back you’ll be told that there is a processing fee in order to expedite the loan. It’s usually an exorbitant amount and once you pay it you’ll never hear from them again. Now they have what little money you had left and possibly your personal information as well for identity theft purposes.

Unfortunately if you are in debt there are no overnight solutions to your problem. Most debt counselors will tell you to make a budget and stick to it while not making any frivolous purchases. That may be of little comfort right now but in the long run with a little discipline you can come out on top.