I want to protect myself from scams and fraud

How do I know if a loan offer is a scam?

Watch for guaranteed approvals, upfront fees, and high-pressure tactics. Real lenders check your credit or income before approving you and do not ask for payment before you receive funds. If something feels off, look up the lender on the CFPB website before sharing any personal information.

Can scammers target people with bad credit?

Yes, unfortunately people with poor or thin credit are often targeted because they may be desperate for financial help. Scammers know this and use it. Knowing the warning signs is your best protection, no matter what your credit looks like.

What should I do if I already gave a scammer my information?

Contact your bank right away and let them know what happened. Place a fraud alert on your credit file by contacting one of the three major credit bureaus. You should also report the incident to the FTC at ReportFraud.ftc.gov. Acting quickly can help reduce the harm.

Are text message loan offers ever real?

Sometimes, but you should always be cautious with unsolicited messages. Look up the company name independently rather than clicking any links in the message. Real lenders are registered and easy to verify through official sources like the CFPB or your state's financial regulator.

Is it safe to apply for a loan I saw on social media?

Social media is a common place for scammers to advertise fake loan offers. Before applying anywhere, search the company name online and check for reviews or complaints. Make sure the website address looks official and the company is properly licensed in your state.

What is a fraud alert and should I get one?

A fraud alert tells lenders to take extra steps to verify your identity before opening new credit in your name. It is free to place and lasts one year. You only need to contact one of the three major credit bureaus and they are required to notify the others.

How can I check if a lender is legitimate?

Look up the lender on your state's financial regulator website to see if they are licensed to lend in your state. You can also search for complaints on the CFPB's website at consumerfinance.gov. A quick web search of the company name plus the word 'scam' or 'complaint' can also turn up useful information.

Is it ever okay to pay a fee before getting a loan?

Legitimate lenders generally do not ask for upfront cash payments before issuing a loan. Some lenders may disclose fees that come out of your loan proceeds, but those are explained in your loan agreement. If someone asks you to wire money or pay a gift card before receiving funds, that is almost certainly a scam.

What should I do if I already sent money to a fake lender?

Stop all contact with them immediately and do not send anything more. Report the incident to the FTC at reportfraud.ftc.gov and your state attorney general's office. If you paid by bank transfer, contact your bank right away to see if the transfer can be stopped or reversed. Acting quickly gives you the best chance of limiting the damage.

Can a real lender approve me with bad credit?

Yes, some legitimate lenders work with people who have poor or thin credit, but they will still review your application and income before approving you. They will never guarantee approval without looking at any information first. Be cautious of any lender who says your credit score does not matter at all.