How do I make sure I don't fall victim to loan scams?

Accessing quick money is tempting, especially when you're in need and desperate, but the consequences of it are not always the best. Before applying for any type of loan, do your research about the provider and read the fine print. That will help you make an informed decision.

Important things to note so that you don’t fall victim to loan scams: 

• They're never interested in your payment history: Let’s be honest, reputable loan providers make it clear that they’ll need to look at your credit and this is very important because providers need to know your payment history to make sure that you'll be just as hard-working about repaying a loan.
• They demand a fee that you must pay before getting a loan: You should never ever have to pay for a loan, other providers will charge for your loan application, but that fee will be deducted from your loan.
• They pressure you to act quickly: Don't fall for the plea, they'll give you a deadline or expiry date of the offer because they want you to sign as quickly as possible.
• They're not transparent about fees: The scams will avoid disclosing their fees on their website and even when they are asked about them, they will not give you a straight answer.

In a nutshell, you have to be super vigilant when applying for a loan. Luckily, Spot provides you with a safe and secure way to apply for a loan from the most trusted loan providers on the market. Take a look at our loans page on how to apply for a loan with Spot!