Loan scams target people in a hurry. Spot these seven red flags before you share any personal or bank details.
- An upfront fee to release your loan. Real lenders deduct costs from the loan or add them to the disclosed repayment. They do not ask for gift cards or wire transfers first.
- Guaranteed approval before any review. No honest lender can promise approval sight unseen.
- No license or physical address. Check your state financial regulator for a license.
- Pressure to act now. Legitimate offers let you read the terms.
- No disclosed APR or total cost. Federal law requires it.
- Requests by text, social media or email for bank logins. Use a secure application form only.
- Unsolicited offers. If you did not apply, be suspicious.
How to Check a Lender
Search your state regulator for the lender name, look for a physical address and a working phone, read reviews from independent sources and confirm the APR in writing. Report fraud at consumerfinance.gov/complaint and reportfraud.ftc.gov.
Ready to Apply?
Use the secure form below. If approved, you see the fee, due date and APR before you accept. Approval is never guaranteed.
Cred Qualify does not guarantee approval. Loan availability, amounts, fees and terms vary by state. Payday loans are meant for short-term needs and are not a long-term financial solution.