Approved For a Loan

 

Loan Approval Scam: How it Works

(with video below)

Knowing how to get prequalified for a mortgage could save you a lot of grief. However, beware of the Loans For People With Bad Credit or Home Equity Loan Approval scam happening these days.

You might be looking for loans on the internet to try find better interest rates than what the bank is offering. Whether you're looking for the best payday loans, merchant cash advance, student loans, business cash advance, or secured loans for people with bad credit, you could easily become a victim of a fraudulent maneuver. How does the scam work?

Watch the video below to see in action the Approved For A Loan Scam exposed:

Approved For A Loan Scam Video

Imagine this scenario: You're looking to secure a substantial loan and are not sure about the best way to do it. Researching online you see an ad promising a guaranteed loan if you use their business. Attractive tag lines such as 'Short Term Cash Loans', 'Need Cash Now?', 'Payday Loans No Credit Checks', or 'Same Day Payday Loans' do the trick and you are sold.

You call the company and a nice agent on the line gives you a full description of the loan. Again, this could be pulled on you regardless if you are interested in a payday loan consolidation or unsecured loans.

You tell him you're looking for $9,000 and he says that won't be a problem. A few days later, you get a package from the company to confirm the deal. It has a fancy letterhead and everything looks legitimate.

You go through the process of crossing the “t”s and dotting the “i”s and send it back to them, along with a $500 fee to secure the loan. They tell you the money will be in your account within the next two business days. When the money doesn't come in, you make another call to the company to check on the status–nobody answers, or if they do, it'll be someone who has no idea what you're talking about.

Alternatively, they might tell you there was an issue with the application and more money is needed, or they offer you a Premium Insurance Policy, worth around $1,000. They now tell you that you need the policy to guarantee the loan. Basically, you are being asked to keep pumping money into something you shouldn't have spent a dime on in the first place.

how to get prequalified for a mortgage

Loan Approval Scam: How to Avoid

Go to the bank for loan applications if possible. You may see some tempting offers, but those that seem too good to be true usually are. There are some more trustworthy sites where you can apply online but be very wary of any place you haven't heard of. If you want to borrow money from payday loan agencies, use only reputable companies.

On the other hand, learn how to smell personal loan scams from miles away and check out this quick guide on how to get a personal loan.

 

Loan Approval Scam: How to Report

Make your family and friends aware of the Loan Approval Scam by sharing it on social media using the buttons provided. You can also officially report the scammers to the Federal Trade Commission using the link below:

Report To The FTC Here

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Mr Richard

Watch out for this scammer if you get this message: "I am Mr. Richard, a private money lender. I give out loans with an interest rate of 3% per annual and within the amount of $1000.00 to $500,000,000.00 as the loan offer. 100% Project Funding with secured and unsecured loans are available. We are guaranteed in giving out financial services to our numerous clients all over the world. With our flexible lending packages, loans can be processed and funds transferred to the borrower within the shortest time possible. We operate under clear and understandable terms and we offer loans of… Read more »

Mr Favour

End your financial worries now: I can smile that God-fearing man, who had secured $ 76,000 Usd and two of my colleagues have also received loans from this man, without any difficulty. I advise you not to choose the wrong person, you will definitely apply for a cash loan for your project and each other. I wrote this post, because Mr. Favour Henry, made me feel blessed their loans. It’s through a friend that I met this honest and generous God fearing man who helped me get this fund to pay for the loan of your life, you need financial… Read more »

Mr Austin

Here is another scammer, beware: "I am Mr. Austin, a private money lender. I give out loans with an interest rate of 3% per annual and within the amount of $1000.00 to $500,000,000.00 as the loan offer. 100% Project Funding with secured and unsecured loans are available. We are guaranteed in giving out financial services to our numerous clients all over the world. With our flexible lending packages, loans can be processed and funds transferred to the borrower within the shortest time possible. We operate under clear and understandable terms and we offer loans of all kinds to interested clients,… Read more »

Rosario Christiana

Watch out for this unsolicited scammy message, below, using the Divine spirit lol. Beware! "Loan Application Hello, We welcome you to Happiness Loan Company and we would be very glad to give you a loan of your desire provided you can be trusted and can be relied on. We offer loans to individuals at just 2% interest rate. So feel free in doing business with us. I want you to know that our transaction does not take time but it depends on how serious you are to get your loan from us because we love doing business with serious people… Read more »

Mr Favour

Another scammer- beware!

"Good Day
Do you need an urgent loan to solve your financial needs, We Offer loan ranging from $ 5,000.00 to $ 10,000,000.00 Max, we are reliable, efficient, Fast and dynamic,with 100% Guaranteed We also gives out loan in ( Euros,Pounds and Dollars. ) The Interest rate applicable to all Loans is (2%, ) if you are interested get back to us via ( mrfavourinvestment@outlook.com )
Services Rendered include:
*Home Improvement
*Inventor Loans
*Car Loans
*Debt Consolidation Loan
*Line of Credit
*Second Loan
*Business Loans
*Personal Loans
*International Loans.
Thanks.
Mr Favour Henry"

Jason

Here is another scammer below, to add to the pile. Thanks everyone for contributing! "Are you financially squeezed? Do you need a loan without any Upfront Fee? Do you seek funds to pay off credits and debts? Do you seek finance to set up your own business? Are you in need of private or business loans for various purposes? Do you seek loans to carry out large projects? Do you seek funding for various other processes? If you have any of the above problems, we can be of assistance to you but I want you to understand that we give… Read more »

Loyd Breanna

I got this today, looks like a scammer to me: "Hello everyone my name is Clency Dexter, am here to testify how i was scammed by various loan lender from this site.I was in need of a loan and i applied from various loan lenders from this very site.They asked me to pay some amount of money at different basis but i never get my loan.This was how i lost the sum of $5000USD .I was now in debt because i borrowed the money from a friend.One day a friend of mine introduce me to JANES PEDRO . He told… Read more »

sarah holloway

i hvae just been scamed out of 199 pounds as i thought i was getting a loan and now i am left nothing

Patty

Watch out for United Cash Loan company, they take your information and have this number call you.. 1-408-905-2499. They stole 300.00 from me for a bogus 5000.00 loan they said I was approved for.. never got my loan. Beware and report them. I am working on getting my money back. This company is threatening people and stealing your money. A Jeff Martin was a person I spoke to, who is probably a bogus name.

Dennis Webber

Watch out for Cash Advance USA’ There numbers are 817-400-9525 or the other one is 707-666-8621 it’s a part of there company. They took 800.00 from me for a bogus 5000.00 and said that I was approved. All I wanted was to bring my Girlfriend home for Christmas. John Anderson and Ryan somebody are the people of the company.

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