Have You Fallen Victim to a Lending Scam? Share Your Story

[Corey Dutton]

We write on the topic of loan scams often and we always get a lot of responses from victims of these scams. People often ask, “Who do I report this to?” and unfortunately there is no straightforward or clear answer.

There are a ton of lending scams out there, the most common being the upfront fee scam. Under this scenario, a company poses as a legitimate lender and provides loan approvals to potential borrowers. Along with a loan approval is always an upfront fee. Not in all cases is this a loan scam, as most lenders do charge a commitment fee. This is where it gets tricky to find a reliable private money lender or commercial hard money lender.

Have you been the victim of a loan scam and would you like to report the person or the company to stole your time and money? Perhaps even if you’d like to share your story anonymously, we’d still love to hear it. There has to be a medium through which private lending sources could be validated and whereby potential borrowers could avoid falling victim to loan scams.

Please contact me privately or leave a comment below with your story. We are gathering information about the various types of loan scams that are out there, so please share your intel about some of these companies or groups that are perpetuating some type of loan scam. Help others to avoid falling victim to these scams by sharing your story whether publicly or privately. Again, please contact me privately or leave a comment below with your story. Thanks for helping others avoid falling victim to loan scams by sharing your story.