Every time someone asks for money upfront for a loan, it’s not fair because you never get the loan. I’ve been burned twice – each time I put money upfront, they disappear without giving the loan.
No legitimate loan, online or offline, will ask you to pay money before you get the loan. The only time you’d pay something upfront is for a secured loan like a car or home loan, but that money goes toward the principal, which benefits you. Unsecured loans like payday loans won’t ask for that. These kinds of loans are scams.
@Emmy
You’re absolutely right. Legitimate lenders never ask for money upfront. Here’s what you need to know:
Secured Loans - If you’re taking a loan for a car or home, the down payment reduces the amount you borrow. It’s not a fee to the lender.
Unsecured Loans - Loans like payday loans or personal loans don’t need upfront payments. Reputable lenders only take their fees or interest once the loan is approved.
Red Flags for Scams
- Upfront Fees: Any request for money before the loan is issued is a scam.
- Untraceable Payment Methods: Be wary of gift cards or crypto requests—they can’t be traced.
- High Pressure: If someone pushes you to pay right away, it’s likely a scam.
- No Credit Check Promise: Most legitimate lenders check your credit, even if you’re applying with bad credit.
Only trust lenders who are registered and licensed. If something feels off, it’s probably not real!
I’m going to make sure I post twice a day to warn others about these scammers because the moderators of our community aren’t doing anything about it.
Protect Yourself from Scams: Tips for a Safer Experience
Everyone, please use only trusted services and verified sources. If someone asks you to send money first, especially online, it’s a scam. Personal loan and Payday loan services don’t need any upfront payments.
Just a heads up: beware of new accounts with no activity, promising loans. These accounts are usually scams.
Also, be cautious if they ask for money upfront. Real lenders don’t do that. When looking for loans, stick to official websites and trustworthy platforms.
Stay safe and protect yourself from scams. If it seems too good to be true, it likely is. Trust your instincts and stay cautious.
Here are some tips:
- Avoid Sending Money: Don’t send money to strangers online.
- Be Careful with Deals: Make sure the deal is legitimate before agreeing to anything.
- Check User Karma: If the user has low karma, proceed carefully.
- Verify Information: Always double-check loan offers through official sources.
- Stick to Secure Platforms: Use secure, trusted sites for financial transactions.
- Watch Out for Urgency: If someone pressures you for a quick decision, it’s a red flag.
- Stay Informed: The more you know about scams, the safer you’ll be.
Let’s all stay vigilant and protect ourselves from scams in the community!
Or they’ll ask for your information for ‘identity verification’, then say they don’t believe you can pay them back and ghost you. I’ll never trust the internet again.
Yeah, it’s really sad. It’s ridiculous because if you try to call out the scammers, they ban you from the community. It doesn’t make sense. I got banned for calling out a scammer so they wouldn’t scam others, but they still let it happen.
Tips for Borrowers from a Lender
We’ve been seeing a lot of unclear loan requests. Here are some guidelines for both borrowers and lenders to make safer, smoother deals. Note: This is not for asking for a loan.
For borrowers:
- Clearly mention how much you need, what interest you’re willing to pay, and when you’ll repay.
- Be ready to show proof of income or ID (like paystubs).
- Don’t randomly message people hoping they’ll offer you a loan—this usually won’t work. If someone comments offering help, it’s meant for the original poster.
Warning signs for borrowers:
- Don’t ever pay any deposit to get a loan.
- Watch out for users with little activity (low karma or new accounts) or who only talk about offering loans—this is suspicious.
Warning signs for lenders:
- If the borrower won’t use a secure method (like a goods/services option with disputes), be wary.
- Low-karma accounts aren’t automatically bad, but they can be, especially if the account only asks for money.
Stay safe and be careful!
I’ll pay back, just give me a chance.