Everything you need to know to avoid loan scams

Digitization has made financial services, including financing, easier and more accessible, paving the way for new innovative formulas, such as online loans and even private loans, accessible with less restrictive requirements than traditional credit. Attention however: the simplicity with which we can access these forms of financing must not lead us to let our guard down, because the danger of scams is always lurking.

It is not so strange to come across individuals or companies that promise financing quickly and easily. Unfortunately, however, these are often fictitious companies or people who provide false generalities, and who, after obtaining personal information and money from the consumer, disappear into thin air. But a minimum of attention is enough to avoid nasty surprises.


Choose reliable operators

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The first rule to only turn to credible entities, verifying that they are allowed to operate by the Cream Bank: a serious financial or, in the case of loans between individuals, a social lending platform as Best Lending Credit or Lite Lending. Although anyone with a nest egg to invest can offer a loan between private individuals, if you operate through a platform you are protected because the latter carries out a screening not only on the applicant but also on the lender.

There are also a series of alarm bells to watch out for. First of all, it is better to be wary of offers received on social media such as Facebook, Twitter and others. In the same way, it is good to be careful when you receive the offer via email, because usually phishing attempts are hidden behind these messages: maybe the loan is a mirror for larks to access the bank data of the user and rob him.

You should also be careful when the email comes from a bank or a known intermediary: serious operators never ask for access to financial data via email, therefore when you receive a message asking you to enter your account details or payment cards is certainly a phishing attempt. Even the presence of ungrammatical language is a symptom that something is wrong, because it means that the message was written with an automatic translator.


No advance payment of sums

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A worrying signal is when the lender requests the advance payment of some sums, often in the form of an advance on the interest due or the expenses for the provision of the loan. The risk is that once the money has been obtained, the lender disappears, also because normally the expenses for taking out a loan are included in the installment (and indicated in the Taeg).

Even the request for too high interest must be looked at with suspicion: fraudsters often leverage the fact that the applicant does not have access to traditional financing channels and ask for too expensive conditions. The law establishes maximum thresholds, above which interests can be considered usury.

But it is necessary to be careful even when the conditions of access are too favorable: it is very unlikely that those who offer a loan do not want to know anything about the applicant and his ability to repay the loan, therefore also in this case the risk that it is a scam is high.

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