September 27, 2022

If you’re looking to take out a personal loan for reasons like debt consolidation or home improvement projects, it’s important to make sure the lender you’re trying to get money from is legitimate.

Scammers may try to rip you off by asking for money upfront or promising guaranteed loan approval. They may even pose as a legitimate company and offer lower rates or fees than the real lender advertises on its website.

You have many options to protect yourself from getting hurt by personal loan scams, though. Here are four ways to recognize and avoid scams so you can borrow money without worrying.

1. Thoroughly research the lender

Before you think about taking out a loan with any business, the first step is to ensure it’s legitimate. Read reviews on external websites, check out the company’s Better Business Bureau score, and ask friends and family about their experiences with the business. 

If you’re looking for comprehensive lists that compare many lenders, check…

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