Loan scams How to prevent loan scams

If you're concerned about being targeted by loan scams, follow our advice to avoid becoming a victim.

Don't respond to loan scams

Avoid loan companies that ask for an upfront fee

Never respond to unsolicited loan adverts or letters, particularly those which ask for money up front. If you're unsure if a letter is from loan scammers or is genuine, contact Consumer Direct for more advice. The Financial Services Authority website also offers a step-by-step guide to loan scams and other financial scams.

Never give your bank account numbers, credit card numbers or other personal information to anyone you don't know, or a company you haven't checked out. If you're not familiar with the company offering a loan, do an internet search to find out more details.

Never agree to a loan over the phone – insist on seeing written documentation and do your own research before signing. 

Stopping loan scam mail

Ignore and destroy all scam letters, emails or phone calls offering low interest loans in exchange for an upfront fee.

Do not reply to loan scam mail – even to ask the scammers to stop contacting you – as you'll confirm your identity to scammers and may end up being sent more mail.

Reduce the number of unsolicited scam mailings you receive by registering your name and address with the Mail Preference Service. You can do this online or by calling 0845 703 4599.

To stop receiving many unwanted scam calls, register your phone numbers with the Telephone Preference Service online or by calling 0845 0700 707.

You can also cut the amount of unsolicited mail you receive by ticking the box that prevents your details being given to marketing companies when filling out your electoral roll application.