Beware of Robocall Loan Scams

You’ve likely encountered this scam before: you receive a robocall multiple times a day, each from a different number. The message is always the same—there’s a critical update needed for your loan application, or you’re being offered a too-good-to-be-true loan rate. They provide a number to call back, often something like 833-409-3856, and urge you to act quickly. But here’s the thing: you never applied for a loan in the first place.

How The Robocall Loan Scam Works

These scammers are incredibly persistent, using sophisticated robocalling technology to bombard you with calls. They might change the caller ID each time, making it nearly impossible to block them.

The voice on the other end, though it may sound human, is often a pre-recorded message crafted to sound personal and urgent.

They might use names like “Sara from First Lending” or “Phil from Prime Lending,” complete with a friendly tone and a fabricated agent ID number.

The goal is to create a sense of urgency, pressuring you to call back before it’s too late.

Once you call back, the scam kicks into high gear. They’ll ask for personal information, such as your Social Security number, bank account details, or other sensitive information under the guise of “completing” your loan application.

They might even offer a low-interest loan to entice you further. If you provide any information, they can use it to commit identity theft or drain your bank account.

How to Protect Yourself

1. Do Not Engage: The best way to deal with these calls is simply not to engage. Don’t answer calls from unknown numbers, and don’t call back if you receive a suspicious voicemail. If you never applied for a loan, there’s no reason for these companies to be calling you.

2. Verify Before You Act: If you’re unsure whether a call is legitimate, look up the company’s official contact information and call them directly. Never use the phone number provided in a suspicious voicemail or message.

3. Report the Scam: You can report these scams to the Federal Trade Commission (FTC) and your phone carrier. Some carriers offer tools to block spam calls, like T-Mobile’s Scam Shield. While scammers may find ways around these tools, every bit of protection helps.

4. Stay Vigilant: Scammers often change tactics and numbers, so even if you block one, they might call from another. Stay vigilant and continue to ignore and report these calls.

5. Educate Others: Share your experiences with friends and family, especially those who might be more vulnerable to scams. The more people know about these tactics, the less effective they will be.

Remember: It’s a Numbers Game for Scammers

Scammers rely on casting a wide net, hoping that even a small percentage of people will fall for their tactics. The more aware and cautious you are, the less likely you’ll become a victim.

And if you find yourself inundated with calls, you’re not alone—many people experience the same frustration. Just stay calm, stay informed, and don’t give them the satisfaction of a response.