When you’re dealing with medical bills not covered by your insurance or car repairs not covered by your warranty, sometimes a personal loan has you covered. You could even use a personal loan for a non-emergency such as a home improvement project.
However, you should always be on the lookout for fraudulent lenders. Personal loan scams specialize in taking advantage of situations when people need money and then taking their unfortunate customers for a ride.
The good news is that loan scams raise a number of unmistakable red flags. Here’s what you need to know to recognize the fakes and frauds from a mile away.