How To Avoid Loan Scams
Here’s how to stay safe when looking for credit
Loan Scams - how to avoid being caught out
A growing number of people are getting caught out by bogus loan companies – particularly “advance fee” loan scams. These are becoming more common because of the tight credit policies being implemented by traditional lenders. Those people who don’t qualify for loans with these lenders then look elsewhere – and there’s a chance that they fall prey to scammers who have no other interest than taking their money.
How do Fake Loan Scams Work?
You’ll be asked to pay an upfront “set up” fee and potentially “transfer fees” or “no guarantor” fees. After sending this cash and being promised that your loan will be deposited immediately nothing will happen. You will chase and then you may receive further calls requiring further payments. The scammers may also use the trading name of a legitimate lender or broker to convince you of their authenticity (referring you to websites they don’t run simply to enhance their credibility), but it is likely that any office address they give you will be false and any phone numbers they give you simply re-routed to take you off the scent. If you are asked to pay by Western Union money transfer (or similar service) you won’t even have a record of exactly where your money ends up – it often heads out of the UK.
Are you a Fraud Victim?
We are aware of unscrupulous people attempting to legitimise their approaches by using our brand name. We have reported this activity to the FCA and also to ActionFraud. If you believe that you have been scammed by someone using our brand name then you should report it to ActionFraud on 0300 123 2040.
You can Trust Solution Loans
When you enquire through Solution Loans’ secure forms you can rest assured that you will be dealing with a fully authorised and regulated credit broker that has your best interests at heart.
- We are owned by Affiniti Digital Media Ltd, a long-standing and well respected online media business:
- We are an internet-only business – we don’t have a call centre – so we won’t call or text you unexpectedly
- Call our dedicated Anti Scam phone line for further information – 01737 886202. Please note – this is an unmonitored phone number used solely for anti-scam purposes.
- We don’t charge any upfront fees for our online service
- We don’t ask for any bank account or sort code information on our secure enquiry forms
- There is no obligation to follow through once you have submitted an enquiry
Scam Warning: Be suspicious of any call or text claiming to be from us. We never make calls/send texts!
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