Recognize the pattern
How it starts
Loan texts, search ads or a lender on social media.
The promise
Poor credit is no problem; one payment unlocks your loan.
What happens next
A fake site displays an approved balance, then invents account errors or freezes to collect repeated payments for a nonexistent loan.
Signs to watch for
- Approval guaranteed without checks
- Deposits sent to unfamiliar accounts
- Another unlocking fee after every payment
Start with what you can do now
If this happened to you
Stop further payments
Alert your payment provider to suspected loan fraud
Keep contracts and transfers; report to local police
What to save
Keep the original records. Use copies to organize the details.
- Ad and its origin
- Website or app details
- Fee messages and contract
- Recipient and transaction IDs
Before you send money
- Apply through a verifiable lender
- Check terms, rates, fees and recipient
- Never prove repayment ability by transferring money
These guides explain common patterns. The facts of your situation and your payment provider’s rules determine which steps are available.