The cases of loan fee fraud are up by a fifth compared to last year, but what is it? It’s a scam where a fraudster asks you for an upfront fee, usually between £25 and £450, in order to take out a non-existent loan. They usually target people who have been searching for loans online.
We know this time of year, plus an ongoing cost of living crisis, can mean extra added pressure on your finances but always check the legitimacy of the lender by using the FCA’s website to ensure they are registered. Find out more about these loan fee scams and how to dodge them.