The economy is so bad that unscrupulous brokers or loan agents are resorting to ugly and unethical ways to lure customers into scams with the pretext of guaranteed loan approvals or quick loan approvals. Hopefully, this article will give you a few pointers that will help you stay clear of these scams.
The upfront fee scam - You might be surprised to read this but the fact of the matter is that many business owners who are in desperate need of money actually fall for these scams. You might be approached by a loan broker who might ask for a large upfront payment to process a loan. He or she will promise a loan amount in the thousands but will insist that a high upfront fee, something in the range of $1,000 to $5,000, will need to be paid in advance to process the loan. If you are gullible enough to pay this, you will never hear from these so called brokers again as there are no such loans that require such high upfront fees.
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Scams that will seek your identity - Many scam companies will try to get your personal information with a fake loan application process that they will run in the papers or local ads. You might think that they are genuine and fill out forms where you will enter confidential information such as social security number, tax id number and so on. Once you submit your loan application, you will never hear from these companies who will then look to use your personal information for various identity theft crimes that can make your life miserable.
Pre-approved equipment leases - In this scam, you will get a letter in the mail that will say that you are qualified for a pre-approved equipment lease. The letter will offer a lease agreement that sounds too good to be true. It will ask you to send the first payment to a certain address to begin the lease and receive the equipment. What will happen is that the check that you send will be immediately cashed and you will never get your equipment.
In general, a lender who is very willing to give you a loan without checking on your credentials is not to be trusted. It might be an outright scam or it might be that the lender is trying to get your into a loan agreement with ridiculously high interest rates or hidden costs. If you get an attractive offer related to a business loan, proceed with utmost caution to make sure that it is not a scam.
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