Beware of Loan Scams Offering Fast Money But Steal Yours Instead -

Beware of Loan Scams Offering Fast Money But Steal Yours Instead

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Your search for fast cash could come at a price. One upstate man says he was duped out hundreds of dollars trying to get a loan.

All too often the people who get scammed out of cash are the ones who need money the most.

Daniel Walker in Spartanburg is certainly no exception.

"I felt like an idiot," he said.

Walker called me after he lost $280 dollars in a bogus loan offer. He says it all started when he went searching online for quick cash. He filled out forms that looked legitimate with his private information and shortly after the phone rang.

"They call you on the phone and they say that you are automatically pre approved. But it's a lie," said Walker.

Walker says they told him to wire a processing fee and then they'd send him the money. He took the bate, but Terri Hendrix with SC Telco Federal Credit Union wants to make sure you don't.

"A legitimate reputable lender is not ever going to ask you to send money in advance prior to the loan closing for any fee," said Hendrix.

She adds legitimate loan companies will never ask you to wire money.

Experts also warn beware of companies that say your credit doesn't matter. It could indicate a scam.

And watch out for loan offers that include interest rates well below the standard.  

Walker hopes by sharing his story, he'll prevent you from becoming the next victim.

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