How not to fall for the fraudulent loan scam?

Throughout this content, we sometimes point out that it is possible to take out a loan for a low score, but that demand can be more difficult and the supply of financial institutions smaller. In these situations, you should be wary of proposals that seem too simple and that ask for little proof of your financial reality. 

It’s understandable to be prone to this type of negotiation, especially when you’re in a scenario where loan searching is difficult. However, you need to be aware and stay away from this type of proposal, as you may be facing an attempt at a fraudulent loan scam .

Often, these offers arrive without the person looking for credit. Chances are you’ve already received suspicious emails, SMS, phone calls, and more recently, WhatsApp messages offering quick and easy credit. The contact is usually friendly and claims to be free of bureaucracy, without credit analysis or with little proof of income. 

However, there are also fraudulent loan schemes that do not reach you, those that are spread on flyers, banners and even have a physical branch to apply for. How to prevent yourself and not fall into this type of scam?

Tips to avoid loan scams

One of the main characteristics that helps to recognize the loan scam is that this type of fraud usually has as its main objective to get the victim to pay an advance amount for the credit. The scammer puts as a condition for quick and easy credit release that you pay off some portion of the debt in advance. 

It is important to know that asking for payment of installments before the customer receives the requested credit is a practice vetoed by the Central Bank. This is, therefore, one of the most important tips for those who want to avoid a fraudulent loan: do not advance values!

Now, we are going to list some tips that can be useful in less obvious scam approaches, so you can make sure that you are facing a safe online maturity loan offer for low score.

  • Check the company’s CNPJ information on the Federal Revenue website. On the pages of financial institutions, it must be visible in places such as the page footer. By consulting the IRS, you can make sure that the company is active and its location;
  • With this data, it is also possible to check with the Central Bank website if the company is authorized to offer credit. For a bank to be able to work with loans and financing, it must be authorized by the BC;
  • Check the security of the platform or the existence of the company before passing on your personal data to strangers;
  • Research the company’s reputation! Do a search on social networks and on sites such as Reclame Aqui and Procon;
  • Be wary of companies that make loans for low scores without any kind of consultation, credit analysis or proof of income;
  • Sometimes scammers pose as well-known banks. Check that the numbers used for telephone contact are the same provided by the institution; 
  • Be suspicious if the person you are talking to asks for card and bank account passwords via email, WhatsApp or SMS; 
  • Do not share photos of your cards in WhatsApp negotiations. 
  • Be wary of credit offers whose installments are worth more than 30% of your income;
  • Enable two-step verification and encryption on your WhatsApp.

Tips to check if the online loan is safe

Although there are people who use delicate moments such as the search for credit to apply scams, there are still safe ways to get a low score loan online. Just take a few steps to ensure that the transaction is genuine and carried out by a trusted financial institution. 

Check out some tips that can help you when applying for a low score loan online: 

  • Will you use your browser to make the request? See if a padlock icon appears next to the website address. This is a basic step to verify that the site uses a secure connection and that the exchange of information is not accessed by third parties;
  • Already on the site? Try clicking on some links on the page and see if you are still at the same address. Be wary if you are redirected to another site without a warning from the page; 
  • Look for the Terms of Use and Privacy Policy. They are usually at the bottom of websites and indicate that the company is concerned about the security of your data; 
  • Pay attention even to Portuguese mistakes; 
  • Do you want to take out a low score loan outside traditional banks? Consider opting for offers from institutions and fintechs associated with well-known business groups. 
By Cary Grant

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