AVOID SCAMS – KNOW THE FACTS

Scam Advisory

At themoneytrumpet.com, your safety is our top priority. We want to make sure you are aware of potential scams. Please read the information below to protect yourself. When you complete the request form that information is submitted using secure 256 bit SSL security. By learning how scams work, you can avoid becoming the victim of a scam. The immediate section below explains what we will NOT do. The Money Trumpet does not even receive your information directly. Our network of lenders does. Keeping that in mind, it is important to know how we operate, in addition to learning about other frauds and scams further down this page. When you need money, you don’t need additional headaches! Thank you for reading this page and knowing the warnings.

Scam Alert #1: Requests for “Insurance” to Secure a Loan

If you receive a phone call from someone claiming to be from our company and asking you to purchase “insurance” in order to receive a loan, please be aware that this is a scam. We do not make outbound calls to consumers, and we will never ask you to pay for any kind of insurance to get a loan. Our service is completely free to consumers.

Anyone who calls you and claims to be an employee or agent of themoneytrumpet.com and asks for money or personal financial information is not affiliated with us. Do not send them any money.

Scam Alert #2: Fake Loan Pre-Approval Text Messages

We do not send text messages (SMS) to consumers. If you receive a text message stating that you have been pre-approved for a loan, it is a scam and is not from us. Since we are a connection service and not a direct lender, we are unable to pre-approve anyone for a loan.

These messages are sent without our permission and are in violation of our terms and conditions. If you receive one of these texts, please help us identify the responsible party by forwarding the exact message to us through our contact form. This allows us to take appropriate action.

Scam Alert #3: “Phantom Debt” Collection Scams

Beware of fraudulent debt collection calls or messages. There are scam operations that try to collect on “phantom debts” that you do not owe. Please remember:

  • themoneytrumpet.com does not issue loans; we simply connect you with potential lenders.
  • You will never have a debt with us.

20 Common Loan and Financial Scams

Here are 20 common scams to be aware of, with tips on how to protect yourself.

 

Pre-Payment Scams

  1. Advance Fee Loan Scam: A scammer promises to get you a loan but requires you to pay an “upfront fee” or “insurance” before you receive the money. Once you pay, the loan never materializes.
  2. Credit Repair Scam: A fraudster claims they can erase your bad credit history for a fee, but they do nothing and your credit remains the same.
  3. Loan Origination Fee Scam: You’re told you must pay a fee to cover the cost of processing your loan application, but the “lender” is fake and the money is stolen.
  4. “Guaranteed Approval” Scam: No legitimate lender can guarantee a loan without reviewing your credit and financial history. Scammers use this as a hook to get your personal information or money.

How to Protect Yourself: Never pay an upfront fee for a loan. A real loan company will deduct fees from the loan proceeds after the loan is issued. Be skeptical of “guaranteed approval” promises.

 

Identity & Information Scams

  1. Phishing Scams: Scammers send fake emails or texts that look like they’re from a legitimate bank or lender, trying to trick you into clicking a link and giving up your personal information.
  2. “Phantom Debt” Collection: You receive calls or letters about a debt you don’t recognize. The scammer tries to bully or threaten you into paying a fake debt.
  3. Loan Application Information Theft: Fraudsters use fake loan applications to steal your Social Security number, banking details, and other sensitive information for identity theft.
  4. Job Offer Scams: A scammer offers you a job, but requires you to apply for a loan through a specific (fake) company as a condition of employment. The goal is to get your information.
  5. Student Loan Forgiveness Scams: Scammers promise to reduce or eliminate your student loan debt for a fee. They often steal your financial information in the process.

How to Protect Yourself: Never provide personal or financial information in response to an unsolicited email, call, or text. If you’re unsure, contact the company directly using their official website or a phone number you know to be legitimate.

 

High-Pressure and Misleading Scams

  1. High-Pressure Sales Tactics: Scammers pressure you to act immediately, claiming an offer is only available for a limited time. This is meant to prevent you from doing your research.
  2. “Too Good to Be True” Loans: These are loans with unusually low interest rates or very easy terms, designed to bait you into the scam. If it seems too good to be true, it probably is.
  3. Foreign Lottery or Inheritance Scams: You’re told you’ve won a large sum of money or are entitled to an inheritance, but you need to take out a “bridge loan” to pay for taxes or legal fees. This is just a way to steal your money.
  4. SMS/Text Message Scams: You receive an unsolicited text message claiming you’ve been pre-approved for a loan or have a new message about an application. These messages are designed to get you to click a malicious link.
  5. Fake Lender Websites: Scammers create professional-looking websites that mimic real lenders. Always check the URL for misspellings or unusual domains (e.g., .net instead of .com).

How to Protect Yourself: Take your time to research any offer. A legitimate lender will give you time to consider your options. Use a search engine to check the company’s reputation and look for any scam reports.

 

Identity Impersonation & Falsification Scams

  1. Impersonating a Government Agency: A scammer pretends to be from the IRS, FBI, or another government agency and claims you must take out a loan or pay a fee to avoid arrest. The government will not call you for these reasons.
  2. Check Cashing Scams: A scammer sends you a fake check and tells you to deposit it, then send a portion of the money back via wire transfer. The check will bounce, and you’ll lose the money you sent.
  3. Fraudulent Credit Card Offers: You receive an offer for a credit card but must pay an upfront fee to “activate” it. The credit card never arrives, and your money is gone.
  4. Investment Scams with Loans: A scammer convinces you to take out a loan to invest in a fake opportunity with the promise of high returns. The investment is a lie, and you’re left with the loan debt.
  5. Auto Title Loan Scams: You’re tricked into signing over your car’s title as collateral for a loan with hidden, predatory terms, which can result in you losing your vehicle.
  6. Mortgage Rescue Scams: In a desperate attempt to save their home from foreclosure, homeowners are convinced to pay an upfront fee to a scammer who claims they can negotiate with the lender. The scammer takes the money and disappears, and the home is foreclosed on.

How to Protect Yourself: Never wire money or send gift cards to someone you don’t know. Always read the fine print of any loan agreement. If a deal sounds too easy or too good to be true, it’s a major red flag. If you are facing foreclosure, contact your lender directly or a HUD-approved housing counselor for legitimate help.

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