Kahnattorneys.com – There are many loan lending companies out there. While this gives you plenty of options, you should know that not all loan companies are legitimate and real loan lenders. A lot of them are fake. You need to be cautious. To help you avoid getting scammed, we have a list of fake loan companies.

We not only list 70+ companies, but we also tell you signs of a fake loan company, how fake loan apps work, and what you can do to protect yourself.

Signs of a Fake Loan Company

If you are not careful when looking for a company to get a loan from, you might lose sensitive information and/or money. The consequences can be dire, as there is the risk of identity theft and fraudulent transactions. Checking out a list of fake loan companies is certainly helpful. But is there any other thing to check? Yes. Fake loan companies have signs, such as

1. The company guarantees approval

The company guarantees approval
Source: the420.com

Lending money involves risks. Lenders may not get their money back. That is why not all individuals who apply for a loan are approved. Reputable lenders will be interested in creditworthiness. Most importantly, they won’t offer guarantee of approval.

Fake loan companies, however, are not interested. If anything, they tend to seek high-risk borrowers and guarantee approval.

Note that some reputable lenders do offer loans for individuals with bad credit. These lenders will consider more information than credit score, which includes income, educational background, and employment information before approving a loan.

2. The company isn’t registered

The company isn’t registered
Source: moneyview.com

If you want to get a loan, make sure that the loan lending company is registered in your state. If the company isn’t registered, steer clear of it. You want to deal with a reputable company, not a shady one.

3. The company demands payment upfront

The company demands payment upfront
Source: telanganatoday.com

Some fake companies have been known to demand payment upfront as a pre-requisite to the loan. These companies usually require prepaid debit cards or banking information, claiming that they need the information for collateral or insurance.

Any upfront fee to receive a loan is a big red flag. Legitimate loan lending companies don’t do that. Legitimate companies may charge a payment, but it will be deducted from the loan and not in the form of an upfront fee.

4. The company has no physical address

The company has no physical address
Source: rumah123.com

Another sign to walk away is if there is no physical address. When you want to get a loan, you want to get it from a company that provides a physical location. If you are interested in a loan lending company but it does not provide a physical address, it is better to walk away.

5. The company’s website is not secure

The company’s website is not secure
Source: isitwp.com

The company’s website should start with “https” with a padlock icon next to it. Legitimate loan companies will have a secure website.

6. If the loan offer sounds too good to be true, it probably is

If the loan offer sounds too good to be true, it probably is
Source: cnn.com

If the offer sounds like a scam, it probably is. Legitimate loan lending companies won’t offer an irresistible loan offer with a very low rate and guarantee lightning-fast approval.

How Fake Loan Apps Work

How Fake Loan Apps Work
Source: restofworld.org

Before we get to our list of fake loan companies, you may want to understand how exactly fake finance companies work. They typically work in these ways

1. Personal and financial information theft

Fake loan companies often request personal and financial information such as Social Security numbers, bank account numbers, and credit card numbers. This sensitive information can be used for identity theft or fraudulent transactions.

2. Upfront fee scams

Fake loan companies may also require users to pay upfront fees as a pre-requisite to receive a loan. Once the user pays the fee, the loan is not provided, leaving the user with nothing.

List of Fake Loan Companies

Here is a list of companies to stay away from

  1. Easy Loan
  2. Online Loan
  3. Money Loan
  4. Personal Loan
  5. Cash Advance Loan
  6. Credit Loan
  7. Instant Loan
  8. Quick Loan
  9. Fast Loan
  10. Same Day Loan
  11. Urgent Loan
  12. Fast Cash
  13. Agile Loan
  14. Cash Express
  15. Cash Flow
  16. Cash Guru
  17. Cash Junction
  18. Cash Cube
  19. Cash Bucket
  20. Cash Mine
  21. Cash Point
  22. Cash Secret
  23. Cash Shop
  24. Cash Smart
  25. Cash University
  26. Cash Vault
  27. Cash Voyage
  28. Cash Volcano
  29. Cash world
  30. Cash App
  31. Credit Bucket
  32. Credit Basket
  33. Credit Cube
  34. Easy Credit Loan
  35. Bright Cash
  36. Lucky Wallet
  37. Cash Hole
  38. Cash Park
  39. Clear Loan
  40. Just Money
  41. Credit Wallet
  42. Crystal Loan
  43. Daily Loan
  44. Lend Mail
  45. Discover Loan
  46. Dream Loan
  47. Loan Dream
  48. Early Credit
  49. Credit King
  50. Credit Ninja
  51. Marvel Cash
  52. May Loan
  53. Simple Loan
  54. More Cash
  55. More Loan
  56. Silver Pocket
  57. Orange Loan
  58. Plump Wallet
  59. Quality Cash
  60. Yes Cash
  61. Loan Tap
  62. Quick Cash
  63. Rich Cash
  64. Magic Money
  65. Lend Mall
  66. Cash Station
  67. Cash Papa
  68. Cash Magic
  69. Gold Cash
  70. Credit Paradise
  71. Credit Palace
  72. Credit Master

Keep in mind that the list of fake loan companies above is by no means exhaustive. There may be other fake loan companies that are not included. That is why it is important to stay cautious and avoid any loan companies that seem suspicious.

Also Read:

  • Cup Loan Requirements: Your Guide to Qualification
  • What is a Business Purpose Loans?

What You Can Do to Protect Yourself

What You Can Do to Protect Yourself
Source: livemint.com

Do your research

First and foremost, do your research. You should do this before applying for a loan from any company. Find out about the company thoroughly. Make sure that it is a legitimate finance company. Check its online reviews, go to its website, and, contact the company directly to ask questions.

 Stay away from loan lending companies that ask for upfront fees

No legitimate loan lending companies will ask for upfront fees as a pre-requisite to a loan. If you find a company that asks for an upfront fee before you receive a loan, steer clear of it.

Always protect your personal and financial information

Loan apps will ask for personal and financial information. Make sure that you only share information that is absolutely necessary. Never share sensitive information such as Social Security numbers, bank account numbers, or credit card numbers with a suspicious app.

Our list of fake loan companies above should help you be more careful. The consequences of registering with a fake loan company can be dire, so it is always a good idea to be cautious and skeptical, especially if what the company offers is too good to be true.