We all know to be careful when getting loans from online lenders who may be scammers. One of the telltale signs that the lender may be a scammer is that they require advance fees before they lend the money. Additionally, you may respond to a lender because you see their ad on a legitimate website or in other legitimate media. It is important to remember that just because the media carrying the ad is legitimate, does not mean that the lender is legitimate. But the new online loan scam involves people who have received online loans from legitimate companies who then receive calls from debt collectors hounding them for repayment. The problem is that these debt collectors are scammers who have purchased the information about the borrower from the lender and the worse part is that this practice is entirely legal. Anyone can buy that information, which is used for legitimate marketing purposes by honest companies, but is used by scammers to make you think you owe them money.
Never trust that the person on a phone call is who they say they are. Never give personal information over the phone to someone if you are not absolutely sure who they are. If someone calls you about an overdue loan on the phone ask them to send written documentation. Keep good records as to how much you have borrowed, how much is owed and to whom it is owed so you won’t fall prey to a scammer.