BEWARE OF NEW SCAM - LOAN FEES

As we get closer to Christmas the temptation to take out a payday loan or borrow from a loan shark is huge f, but there is a new risk to look out for – LOAN FEES.

This current cost of living crisis is exerting more pressure than ever on people’s finances, with 55% of UK adults more worried about money this year than last year. There are scammers out there looking to make it even harder. Loan fee fraud is an increasingly common scam, where people are asked to pay an upfront fee but then never receive the loan.

Now, it’s even more important to take a moment if you are looking for a loan.

Scammers are cruel. They target society’s most financially vulnerable people – those who tend to be on lower incomes, might have lower credit ratings or have limited access to mainstream credit who tend to be aged 25-45 (average age of 37), more likely to be male (60%) than female (40%) and working in manual occupations or unemployed.

So, before you say yes pause and do the 3-step check before you make any decision and avoid the scammers.

• Were you cold called?
• Asked to pay an upfront fee?
• Pressured to pay quickly or unusually?

Tick any of these?  THEN STOP

Protect yourself and your loved ones from loan fee fraud.