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  • Geebo 9:00 am on November 14, 2025 Permalink | Reply
    Tags: instant loans, loan, , ,   

    The Quick-Loan Hustle 

    By Greg Collier

    Scammers are luring people with “quick approval” loans and hiding major fees, identity theft risks, and long-term debt traps.

    A Hand Up That Ends Up a Hand Over:

    Jessica was looking for a small personal loan to cover an unexpected car repair. Online she found what appeared to be the perfect solution: apply, get approved in minutes, and have funds the next day. The website looked legit, the approval email came back fast, and the funds appeared in her bank account. But the catch came later—hidden fees, monthly premiums she didn’t remember agreeing to, and worse: her identity was used to open other loans in her name. By the time she reached out for help, her credit was damaged and collection calls had started.

    What’s Going On:

    • Fraudsters advertise “no credit check” loans with instant funding as long as you provide personal info and a bank account or debit card.
    • The “loan” appears in your account, but it comes with undisclosed fees, daily payments, or hidden subscription services you didn’t agree to.
    • Meanwhile, your identity may also be used to open other accounts, steal your bank routing information, or enroll you in repayment traps.
    • Once fees and payments trigger defaults, collection agencies, new loans, and credit damage follow.

    These scams are proliferating as borrowers seek fast cash online and lenders reduce scrutiny.

    Why It’s Effective:

    • Many borrowers are financially stressed and willing to accept “too good to be true” offers.
    • Digital loan websites often look professional, use real bank logos, and mimic legitimate lenders.
    • The speed of approval lowers people’s defenses—they act before reading small print.
    • Identity theft and account takeover often accompany these scams, making recovery much harder.
    • Regulatory oversight is inconsistent across jurisdictions, and many of these operations are offshore or disappear quickly.

    Red Flags:

    • A lender states “instant approval” with minimal verification or promises money within hours.
    • You receive the funds and then later discover large hidden fees, daily automated debit withdrawals, or charges for vague “service” or “processing.”
    • The website doesn’t display a physical address or is vague about licensing and terms.
    • You’re asked to provide access to your bank account or approve debits without a clear reason.
    • You start receiving unexpected bills, new loans you didn’t authorize, or collection notices for debts you didn’t knowingly incur.

    Quick tip: If you’re asked to share your bank login or routing number for a “quick loan,” pause. Legitimate lenders typically don’t require this level of access at the outset.

    What You Can Do:

    • Read the fine print and check for hidden fees, daily debits, or subscriptions bundled into the loan.
    • Use reputable lenders—check your state’s licensing directory and consumer-finance agency.
    • Monitor your bank account and credit report, and look for signs of unauthorized accounts or loans.
    • If you suspect identity theft, place a fraud alert or freeze on your credit file.
    • Report suspicious loan offers to your state attorney general’s office or the Consumer Financial Protection Bureau (CFPB) if in the U.S., and file complaints through local consumer-protection agencies.

    If You’ve Been Targeted:

    1. Contact your bank and request an investigation of the unauthorized loan or debits.
    2. Report the fraud to the CFPB, FTC, or equivalent agency in your country.
    3. Review your credit report for any new loans or accounts you don’t recognize.
    4. Document everything—approval emails, loan terms, bank transactions, correspondence.
    5. Consider contacting a credit-repair specialist or consumer-protection lawyer if your credit was significantly harmed.

    Final Thoughts:

    Instant-loan scams combine financial stress, digital convenience, and identity theft into a potent fraud cocktail. What seems like a quick fix often turns into a long-term problem. The best protection: pause, verify, and read thoroughly before accepting an offer that claims to be “too fast to trust.”

    Every borrower deserves transparency and fairness. Don’t let speed rob you of security.

    Further Reading:

     

  • Geebo 8:00 am on June 2, 2023 Permalink | Reply
    Tags: , , loan, ,   

    Think twice about that online loan 

    Think twice about that online loan

    By Greg Collier

    There are few things more frustrating than when a surprise expense needs to be paid, such as an emergency car or home repair. If someone is short on cash, they might consider a loan. Then, to simplify matters, they may look online for a loan. Unfortunately, there is a veritable minefield to navigate while looking for a legitimate lender. One wrong virtual step could lead you into a scammer’s trap.

    For example, a Dallas area woman was looking for a small loan to have her car repaired. She filled out an application through what she claims was a legitimate lender. Once the application was completed, she started receiving offers from several different online lenders.

    One lender in particular told the woman she needed help with her credit score to get a loan. This lender supposedly had the solution. They would send the woman $1800 and by sending back the money it would improve her credit, so she could get the loan. The payment sent to the woman’s bank account was not legitimate. The scammers had contested charges with her bank to make it look like there had been an $1800 deposit. If the woman had sent the $1800 to the scammers, she would have been out $1800 of her own money. This is not unlike the fake check scam. Thankfully, the woman realized she was being scammed before sending any money.

    Legitimate lenders will never have you send them money. If a lender sends you money, then wants you to pay it back immediately, they’re trying to steal from you.

    If you’re looking for a loan online, you need to follow many precautions. Look for reviews, ratings, and complaints about the lender from reliable sources. Avoid sharing sensitive information such as your Social Security number, bank account details, or passwords unless you trust the lender and are confident in their legitimacy. Obtain loan quotes from multiple lenders and compare terms, interest rates, and repayment conditions. Be skeptical of significantly lower rates or overly favorable terms. And of course, if something seems too good to be true or feels suspicious, it’s better to be cautious and seek alternative lending options.

     

  • Geebo 8:00 am on October 2, 2020 Permalink | Reply
    Tags: , loan, , ,   

    Medicare, lost millionaires, and a loan scam 

    Medicare, lost millionaires, and a loan scam

    It’s time for us to bring you another trio of scams that are happening around the country. Even though these scams may not be in your area, they could be soon.

    In North Dakota, authorities there are warning of a Medicare scam that’s been plaguing senior residents of the state. Scammers are said to have been calling residents claiming that they need to be issued new plastic Medicare cards to replace the paper ones. All the resident needs to do is to verify their Medicare number. In reality, the scammers could potentially file numerous fraudulent medical claims using the victim’s Medicare number. Always keep in mind that a government agency will never ask you for information that they should already have.

    In one county in Kansas, the local sheriff is warning residents about a scam that sounds straight out of an old sitcom. Residents in Brown County have received letters in the mail saying that a relative has died and left them a life insurance payout worth millions of dollars. The problem with this scam is that scammers seemingly know the actual names of distant relatives of the residents who have recently passed away. This adds an unfortunate air of legitimacy to the scam. However, the legitimate-looking letter only provides an email contact for someone to process the ‘paperwork’. We imagine that there would be some form of payment requested to process the phony insurance policy.

    Officials in Georgia are warning residents there about a phone scam that’s offering loans in value up to $30,000. With this scam, the ‘loan’ comes at the cost of fake processing fees that could reach $1000 themselves. The scammers are asking for these payments in cashier’s check, wire transfer, or prepaid debit card. These are all forms of payment that could be considered untraceable once the money is spent. Officials would like to remind residents that legitimate lenders make their money through interest once the loan is paid back and not through outlandish fees.

     

  • Geebo 8:05 am on June 6, 2019 Permalink | Reply
    Tags: , , loan,   

    Don’t take out a loan for that job! 

    Don't take out a loan for that job!

    While we’re far from the authority on online scams, we are surprised when we hear about one that we’ve never heard of before. Often these online scams are just variations of only a handful of scams such as the phony check scam. Not to mention that we thought we’ve heard of every job scam under the sun. However, even we were taken aback when we read about this job scam from Arizona.

    According to the Arizona Attorney General’s Office, there was an employment scam going through their state in 2017. Two men were posting help wanted ads for phony clerical and administrative jobs. They would then tell the applicants that their credit score wasn’t good enough for the position but that they could improve their credit score by taking out a loan. The scammers would then request the money from the applicants claiming that they would pay the loans back for them but of course, never did. Thankfully, the Attorney General’s office was able to prosecute these scammers but we have to wonder if the victims’ credit ever recovered after these incidents.

    While there are some jobs in the financial sector that require you to have a good credit score, you should never have to pay anything to get a job. If a company offers you an immediate position do some research to make sure they are a legitimate employer. And as always, if the offer sounds too good to be true, it probably is.

     

  • Geebo 8:46 am on May 9, 2016 Permalink | Reply
    Tags: , loan,   

    Think that loan offer is a lifesaver? Think again. 

    Are online loan ads legit?

    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.

     

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