Loan Fraud Precautions

Despite the power and beauty of the internet, some people use it to take advantage of others for their own gain. Like any online marketplace, MoolahList.com and its users must be wary of visitors who wish to steal personal information, or extract money from innocent people fraudulently.

If you use the classifieds section (either by applying for loans or contacting listors) you must follow these precautions:

Ways to protect yourself

  1. Transact loans in person or by phone. Scammers often try to disguise their difficulty conversing in English by doing business through e-mail or text messages. Legitimate lenders will be able to do business with you over the phone or in person.
  2. Do not make payments upfront. Fraudsters will often try to convince you to pay fees for "transfer", "transaction", or "service" costs. Legitimate lenders don't usually charge up-front fees, but if they do, they will gladly itemize them for you and explain them to you in detail.
  3. Do not send money via Western Union, Money Gram, or money order.
  4. Do not fall for unusually low rates or fees. If the offered rate is too good to be true the offer is not legitimate. Period.
  5. Real lenders need time and information to do business. Fraudsters just want your money now. Be wary of offers to “wire funds within the next 24 hours”. Lenders will often need to investigate the value of your collateral and verify income or documentation before proceeding.
  6. Ask and check up on lender reputations. Insist on viewing state license records (many states require lenders and brokers maintain a license record in good standing) and Better Business Bureau reports.
  7. Be skeptical. Fraudsters often try to hijack the reputation of other individuals and companies by referring you to the websites of or using the names of respected industry professionals in e-mails. Don't be fooled. Check with the people or companies they are impersonating.

What you can do

Report any suspected spam or fraud that you receive through this site immediately. It WILL be acted upon. The more information you can give us about the suspicious attempt, the better.

We will report fraud attempts to the highest extent available under United States and International law.

Plus we may request that any e-mail, phone, or social networks accounts used by fraudsters be shut down by their providers.