Promises of fast cash and low interest rates are a common tactic used in loan fraud. They post ads, or reach out to you directly, promising loan approvals with low rates and no credit checks. They may spoof their phone numbers to appear as legitimate lenders. To get the loan, they say you need to pay upfront for expenses like "processing," "insurance," or "application fees." When they receive the payment, they disappear.

Legitimate lenders don’t charge upfront fees to secure a loan. Your best bet is to ignore unsolicited loan offers.

Learn how to spot and avoid scams with AARP Fraud Watch Network™. Suspect a scam? Call our free helpline at 877-908-3360 and talk to one of our fraud specialists about what to do next. 

Need a scam prevention speaker for your group? Send an email to me@aarp.org.