Beware of Hard Money Loan Scam Being Promoted on Social Sites

Although the following is a very common hard money loan scam, there is a particular individual promoting it actively on LinkedIn. Please beware of it. The promoter of this hard money loan scam is James Wilson, but there are many others like him. This is an upfront fee loan scam, whereby a borrower is promised a loan with either no collateral, or no requirements. Sound strange or too good to be true? See below a few bullet points that summarize the kind of bogus loan scam that this fake lender is promoting on LinkedIn and other websites. Anything that seems too good to be true probably is!

TERMS & CONDITIONS

* We will contact the insurance company to get the loan insured andthat will be the only fee upfront.

* I lend at the rate of 4% with no prepayment penalty

* Borrower is subject to loan delivery through;

1. Western Union.

2. Money gram.

3. Bank Transfer.

Anytime you are asked to pre-pay for insurance for a loan, this is certainly a scam. Also, beware of perpetuators who have unusual English grammar skills. Have you seen this type of loan scam being promoted on LinkedIn or any other website? Please beware.

Posted by Corey Curwick Dutton, Hard Money Lender