CASH HAS BEEN RECEIVING PERSONAL
LOAN OFFERS RECENTLY
THAT SEEMED LIKE THE BREAK HE
NEEDED TO GET OUT OF DEBT.
LORI:
BUT, THE DEALS HE WAS GIVEN
TURNED
OUT TO BE SCAMS.
WATE, SIX ON YOUR SIDE CONSUMER
REPORTER DON DARE LISTENED TO
THE SWEET OFFERS MADE OVER THE
PHONE.
DON:
THE DEALS WERE FOR 5-THOUSAND
DOLLARS, BUT EACH TIME YOU HAD
TO
PAY MONEY UPFRONT.
BE CAREFUL.
FRAUDSTERS USE THE "FRUSTRATION"
AND "DESPERATION" OF THOSE WITH
CREDIT PROBLEMS TO TRICK PEOPLE
INTO SOPHISTICATED PERSONAL LOAN
SCAMS.
THE RED FLAGS ARE THERE AND WE
WANT YOU TO BE AWARE OF THEM TO
PROTECT YOUR MONEY.
IN OAK RIDGE, ERIC STILES WENT
LOOKING FOR A LOAN ONLINE
RECENTLY. HE'S DISABLED AND
WANTED TO BEAT BACK CREDIT CARD
DEBT AND CONSOLIDATE HIS DEBTS.
AT FIRST, HE FAILED TO SECURE
THE
ONLINE LOAN HE WANTED. THEN,
WITHIN A DAY'S TIME, SEVERAL
UNSOLICITED LOAN COMPANIES
CALLED
HIM.
ERIC STILES: ON THE FIRST
OCCASION, THE GUY WAS
RELENTLESS. HE CALLED ONCE A DAY
FOR TWO WEEKS. THIS
LAST ONE, IT ALMOST SOUNDS LIKE
THE SAME PERSON, BUT CLAIMING TO
BE A DIFFERENT BANK.
VOICE ON PHONE MY NAME IS PAUL,
OKAY? ERIC: PAUL
ERIC RECORDED SEVERAL OF THE
CALLS. HE REQUESTED A 5-
THOUSAND DOLLAR LOAN. TO HIS
SURPRISE, THE LOAN OFFICERS
APPROVED HIM ALMOST IMMEDIATELY.
ERIC STILES: THE FIRST PEOPLE
THAT CALLED WANTED ME TO
GO TO WALGREEN'S AND BUY A
HUNDRED AND 20 DOLLAR PAY PAL
CARD AND SEND IT TO THEM, THEN
THEY WOULD PUT
THE MONEY IN MY BANK AFTER THAT.
IT'S A SCAM, BUT IT'S SO
CONVINCING. IT GOT TO THE POINT
WHERE I THOUGHT: I'M
TURNING DOWN A FIVE- THOUSAND
DOLLAR LOAN, I
DON'T KNOW IF I'M DOING THIS OR
NOT, YOU KNOW. AS HE SEARCHED
FOR THE SECOND
CALLER HE RECORDED -- FOR
THIS GUARANTEED LOAN ANOTHER UP
ADVANCED FEE WAS REQUIRED.
VOICE ON PHONE: FOR 5- THOUSAND
DOLLARS YOUR MONTHLY
INSTALLMENTS WILL BE ONE-HUNDRED
50 DOLLARS
FOR THE NEXT UPCOMING 36 MONTHS,
WILL THAT BE OKAY
WITH YOU? DARE: HE WANTS YOU TO
PAY 150 DOLLARS UP
FRONT. ERIC: UPFRONT. DARE: YOU
TURNED HIM DOWN: ERIC:
YES. I TOLD HIM, I'VE NEVER
HEARD OF THAT, NEVER HEARD
OF THAT IN A LOAN.
THERE ARE SEVERAL SIGNS OF
PERSONAL LOAN SCAMS.
IF NO CREDIT CHECK IS REQUIRED,
OR IF THE LOAN IS
APPROVED QUICKLY, FORGET IT.A
SCAMMER DOESN'T CARE
ABOUT YOUR CREDITWORTHI NESS,
THEY'RE AFTER YOUR
PERSONAL INFORMATION. LOANS
DEMANDING FEES BEFORE
APPROVAL ARE A SCAM. A LENDER
ASKING FOR PAYMENT
BEFORE IT'S PROCESSED, YOU'RE
DEALING WITH A CROOK
LOOKING FOR A QUICK BUCK. IF
YOU'RE ASKED FOR PAYMENT IN
THE FORM OF A PRE-PAID CARD,
THAT'S THE SAME AS PAYING WITH
CASH
IT'S NEARLY IMPOSSIBLE TO
TRACE OR GET BACK.
IF YOUR LOAN OFFER IS
INCOMPLETE, LOOK FOR ANOTHER
LOAN.
THE TRUTH IN LENDING ACT
REQUIRES ALL LENDERS TO PROVIDE
THE COMPLETE TERMS
OF A LOAN BEFORE YOU SIGN. VOICE
ON PHONE: OKAY, FOR 5- THOUSAND
DOLLARS.
ERIC CALLED US BECAUSE HE WANTED
YOU TO HEAR THE VOICES
OF THE SCAMMERS AND TO LISTEN TO
THEIR PITCH.
ERIC: IT'S VERY EASY TO FALL FOR
IT. I, AT ONE POINT, HAD MY
CHECKBOOK ABOUT THINKING ABOUT
IT. DON'T FALL FOR IT.
DO NOT GIVE ANY INFORMATION.
DON:
YOU CAN GET PERSONAL LOANS
FROM A LOT OF PLACES THESE DAYS.
IF YOU DON'T LIKE YOUR BANK OR
CREDIT UNION'S TERMS, OR HAVE
BAD CREDIT WHEN APPLYING, AN
ONLINE LENDER MIGHT CATER TO
YOUR SPECIFIC NEEDS.
BUT GOING ONLINE COMES WITH A
DOWNSIDE: IT'S HARDER TO TELL A
SCAM FROM A LEGITIMATE OFFER.
TO HELP YOU AVOID GETTING RIPPED
OFF, THE LENDER SHOULD CLEARLY
DISPLAY A PHYSICAL LOCATION AND
ITS
STATE LICENSING INFORMATION
ONLINE.
THE LENDER SHOULD BE EASY TO
CONTACT, SHOULD HAVE DECENT
SUPPORT, AND YOU SHOULD NOT HEAR
OTHER VOICES IN THE BACKGROUND.
WHEN YOU APPLY FOR A PERSONAL
LOAN, YOU'LL TYPICALLY GET TWO
CREDIT CHECKS.
A SOFT PULL TO CONFIRM YOU
EXIST, AND A HARD PULL TO SEE
YOUR
HISTORY.
REMEMBER TO "RESEARCH" THE
LENDER BEFORE YOU ACCEPT THE
LOAN.
WITH YOUR SEARCH FIND OUT
INFORMATION ABOUT THE LENDING
COMPANY.
IF YOU CAN'T, YOU COULD BE
LOOKING
AT A SCAM BUSINESS.
BO AND LORI -
IN THE BACKGROUND OF THE
RECORDINGS -- YOU COULD HEAR
OTHER SALESPEOPLE MAKING THEIR
BOGUS PITCHES.
BO:
IF YOU HAVE A CONSUMER QUESTION
FOR DON -- SEND HIM AN EMAIL AT
D-DARE AT W-A-T-E DOT COM,
OR CALL HIS SIX ON YOUR SIDE
HOTLINE
NUMBER AT 865- 633-5974.
LORI:
A KNOXVILLE FAVORITE - MAKING