How to spot on online personal loan scam Short Term Loans

Personal Loans – who can you trust?

At Credit24, as a licensed lender, we keep our team up to date with training on ethical lending, privacy and general compliance. Unfortunately, not everyone has your best interests at heart. As general rule, if it sounds too good to be true it is worth investigating.

When you are looking for a personal loan online here are a few of the hints that you could be dealing with scammer.

How to spot a scam:

  • check the licence and business number clearly displayed
  • if you were offered a pre-approved loan out of the blue you should be suspicious
  • a reputable lender will not request upfront payments for insurance, tax or money transfers
  • do they claim no credit check
  • if the contact email address gmail, hotmail or another generic account, you are not dealing with a professional business
  • can you find legitimate and historical reviews of the company
  • if they are on social media how old is their profile. Scammers have to frequently establish new pages
  • never supply any of personal passwords by email or on a messenger app
  • always check that the webpage you are applying on is secure;
    – look for the padlock symbol in the address bar
    – check that it is https not just http in the address bar

If you think you may have handed over money or personal details to a scammer check out ASICs MoneySmart website for advice on what you should do next.