Pre-Approved Loan Scam
Bad credit? No problem!
Sure, we all get mailers from our bank with new loan offers and financing options. But what about those annoying telemarketers or robocalls announcing you're the lucky recipient of a pre-approved loan? Chances are that those are scams aimed at conning you out of your hard-earned cash.
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What You Should Know
The scam starts with a simple phone call from a supposed "lender" offering a great guaranteed rate on a "pre-approved" loan. The caller will emphasize that a poor credit history is no problem at all. In fact, they will ignore your credit history completely. All that's needed is a one-time fee of $200 (or more!) to secure the loan.
Of course, there's no such thing as guaranteed approval. (Too many variables can change between when you actually apply for a loan and when you receive an offer.) And any time you're asked to make payments upfront, it's a huge red flag. There should never be a case in which you need to give your credit card information to make a payment before you get funded.
How YouMail can help stop pre-approved loan scams today
YouMail is leading the charge against robocalls and scams. Our proven solution protects consumers from scammers, spammers and other unwanted callers. Best of all, it is a 100% free service available to everyone!
Here are a couple of REAL voicemails
left with YouMail customers.
Our private lenders have lowered their requirements for loan qualification. Your application has been reviewed by our largest lenders and you are now preapproved for our highest gold level of $1500. To collect your funds, simply press one now. Again, press one now to receive your preapproved loan. If you would like to decline this loan, please press nine and you'll be taken off our list.
Hello. This is Thomas from M1 Finance. I am sorry to disturb you but I am calling you to inform you that we have approved you for a long term personal loan up to $8000 with cheapest interest rates of 2.35% only without any front payment no hidden charges or mortgage required to get this opportunity give a call on 786-393-6083. I repeat the number is 786-393-6083.
What you should do
Whether the caller is a real person or a robocaller, hang up! If you're prompted to press a number, don't do it! It's dangerous and could have longer-term repercussions for identity theft. What if you get conned into taking the call? Don't provide any personal or financial information. And remember that numbers can be spoofed (caller ID will be fake). Report them and other Do Not Call violations to ftc.gov/complaint or 1-888-382-1222.
Our best advice
Our philosophy is simple. Let calls from unknown callers go to voicemail! It's the best defense against getting scammed. Need to get the specifics on the number? Check out YouMail's online phone directory to see if that number has negative reports or is from a known scammer.