Why this matters
Loan scams trap people with hidden fees, fake lenders, and impossible terms when they most need cash. Spotting them protects you from debt that can ruin you.
What you need
Caution, and a willingness to read the full terms before agreeing.
These are everyday items. If you don’t have one, look for the closest alternative — the steps will tell you what to use instead.
How to do it
Follow these steps in order. Take your time. You’ve got this.
Be wary of lenders who ask for fees before giving a loan or guarantee approval to anyone.
Read every term, especially the interest rate and total repayment, before signing.
Check the lender is legitimate, and never hand over documents or codes under pressure.
Your one thing today
If you are considering a loan, list its true total cost and fees today before agreeing.
Don’t wait for the perfect moment. Do this one thing now, even if it’s small.
Come back tomorrow
A new skill will be waiting for you tomorrow. Or if you’d like to keep learning today, explore the full library.