Any real estate investor who has spent enough time in real estate investor forums, Facebook Groups or other online networks for real estate investing has come across loan offers that are total scams.

Trying to do business with a loan scammer will result in wasted time, lost money and possibly even lead to identify theft.

Loan Scam Red Flags

None of these issues alone necessarily mean the loan offer is a scam. If the borrower comes across a few of these different red flags they need to proceed with extreme caution.

1. The lender asks for money upfront

2. Misspellings, poor grammar and does not seem like a native English speaker

3. The loan is offered as unsecured debt

4. Every type of loan is available

5. Very low interest rates

6. Guaranteed approval regardless of credit history and no need for credit checks

7. The borrower is forced to make a quick decision to obtain the loan

8. No website

9. Gmail, Yahoo or other generic email account

10. 100% financing is offered

11. No licensing information is provided

View the full article (11 Ways To Tell a Loan Offer is a SCAM) for a full explanation of each red flag from North Coast Financial, Inc.

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