Guaranteed approval is a warning sign
The FTC warns that scammers may promise a loan regardless of credit history and then demand money for processing, insurance, or an application. A legitimate provider does not guarantee credit before reviewing an application.
Do not pay for a promise
A real lender may disclose legitimate fees, but being told that an upfront payment guarantees a loan is a scam signal. Do not send gift cards, cryptocurrency, wire transfers, or account credentials to obtain a promised loan.
Verify through independent channels
- Check whether the provider is registered where it does business through your state regulator.
- Find contact details independently instead of using an unexpected message.
- Search the company name and phone number with terms such as complaint or scam.
- Do not reply to a loan text for an application you did not make.
If you shared money or data
Contact the payment provider promptly, preserve messages and receipts, and report the incident at ReportFraud.ftc.gov. If personal information was exposed, follow the recovery steps at IdentityTheft.gov.