Several fraudulent online loan companies and apps have emerged that scam borrowers out of money and personal information. Here is a list of list of fake loan companies lending schemes to be aware of:

LoanSathi

Deceptive personal loan app that charges hidden fees not disclosed in the fine print.

Raise Cash

Fake instant loan provider with predatory interest rates up to 400% APR.

Rich Cash

Illicit mobile app offering payday loans without proper licensing or disclosures.

Secure Loans

Loan app seeking large upfront fees for phantom loans that are never actually funded.

INDLoan

Fake lending website with no verifiable address, business licensing, or operating details.

ListoFectivo

Spanish language site advertising payday loans that does not actually provide any loans.

Easy Cash

Scam site with fake customer reviews and no working customer service contact information.

Payday Loan Advance

Deceives applicants into paying non-refundable fees for non-existent loans.

Warning Signs of a Scam Lender

The common threads among these sham operations include:

Too-Good-to-Be-True Rates

Legit lenders will not offer rates substantially lower than competitors.

Requests for Upfront Fees

Real lenders approve loans before asking for any payment.

Lack of Required Disclosures

Scams skirt or fake mandated transparency about rates and terms.

No Verifiable Details

Fakes often lack working contacts, addresses, licenses, and other validity markers.

Protect Yourself from Predatory Lending Scams

Do your homework before applying and don’t let promises of guaranteed approval on great terms cloud your judgement when evaluating lenders you aren’t familiar with. Scams that misuse your data or charge hidden fees are real risks. When in doubt, err on the side of caution. There are many legitimate lending options, so don’t fall for sharks.

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