New Loan Scam to Avoid
This year, watch out for a new loan scam. This is a lending scam whereby a potential borrower is given loan terms in writing from a lender but is instructed to purchase some form of life insurance, or any insurance paid in advance of receiving the loan. Because the sum requested by the loan scammer is usually less than $500 USD, many people are being taken by the scam. They purchased a bogus life insurance policy and then never receive the loan they are promised, or the life insurance!
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