How to spot a loan scam
Fake lenders, upfront fees, voucher requests: the signs that should alert you.
Sign number one: paying before receiving
A genuine lender never asks for money before paying out the loan. “Arrangement fees”, “mandatory insurance”, “release fees”, “tax”: if you are asked to pay to receive your loan, it is a scam.
Other warning signs
- Payment requested in vouchers, gift cards, crypto or by money transfer.
- An “adviser” who only uses WhatsApp or a personal email.
- A loan granted without any check of your income.
- Pressure to decide very quickly.
- A website with no verifiable authorisation number.
How to check a lender
Any institution lending to individuals must be authorised. Check its number yourself on the supervisor’s official register, typing the register’s address into your browser.
If you think you are a victim
- Stop paying and stop all contact.
- Alert your bank immediately.
- Keep all evidence.
- Report the scam to the authorities in your country.
We never ask for any payment before the funds are paid out, and your documents are only uploaded in your secure account.
