I got an email today saying my application had been accepted and approved. So I decided to see what the scam was all about.
The link took me a website called The Lend Loop https://thelendloop.com.
This website appears to be a complete scam. I’m not 100% sure if this is a scam, a website designed to phish your information or just a fake website to steal your identity.
The Lend Loop asks you all sorts of personal and financial questions. As the steps proceed the questions are even more sensitive. Ultimately they are asking you for your social, dob, driver license number and even bank routing and account numbers. All while claiming to offer easy short term loans.
*I want to be clear, this is my opinion, and observations. I could be wrong and this could be a completely legit website. I open the comment box below for you to provide your experience with The Lend Loop.
How Fake Finance/Loan Websites can Phish your information
When you apply for loan you generally have to provide sensitive and personal information that can be used to phish or steal your identity. Scammers know this and many times create these fake websites to do just that. They look and feel just like real website, but normally, something is just off. Very minor things can cause red flags, those are the indicators your have to be keen on.
Once they have received your information, they can do anything they want with it; from creating accounts, applying for loans or even falsifying legal documents.
Bottom Line, beware where you submit your personal or financial information.
Questions asked by The Lend Loop – thelendloop.com
The lend Loop seems to ask the normal questions most creditor or lenders ask, but they disclose that they are not lenders.
Here is their disclosure:
The operator of this website is NOT a lender or a broker, does not make offers for loans and does not charge you for any service or products. This site allows you to submit your information to our network of lenders to determine if they maybe be able to offer you a personal loan ranging from $100 up to $10,000. The actual amounts, terms, and APR a customer could qualify for will vary based on credit scores, individual lender requirements, and state laws. Not all lenders can provide up to $10,000. Services are not available in all states. Credit checks may be obtained by some lenders.
They could be some sort of lead generating website that gathers your information and send it off to numerous lenders to earn a commission. But I doubt that.
Why I believe The Lend Loop is a Scam
First, google the address they provide: 8 The Green, Dover, DE 19901
Then it’s the lack of formality and disclosures on the website. If you have ever applied for a loan or credit card online, you know there are tons of disclosures and formalities. The Lend Loop lacks that.
Then it’s the way the information is asked.
It starts out pretty simple and basic, asking for personal details such as name, credit score, “birthday” (not Date of Birth), then only for your last four digits of your SSN (even though later on they ask for full social).
Pay attention the disclosure, nothing about personal information or social, just about SMS and contacting you.
Just feels like a scam, fake website.
The “More Details” Section of the Loan Application
Have you ever needed to provide your driver license number for a loan application? I have never!
But thelendloop.com asks for your driver license number.
Then instead of asking for “Best Contact Time” in the same page they ask for your phone number, they decide to ask for it here, on the page they are asking for your address, vehicle ownership and driver license number. Sure, because that doesn’t seem odd at all.
The Employment Information
By just seeing this section you might not find anything suspicious, it seems like a very normal “Employment Info” request from a normal lender.
Until you take a look at “Next Pay Date” and “Pay Frequency”
You might be asking, why is that suspicious? Well let’s get to the next section and I will explain why I found it suspicious and a red flag for a phishing website.
Bank Account Info
Yes, we are used to bank, lenders and credit card companies asking for personal and financial information, so why do I suspect The Lend Loop for be a fake website? I could be completely wrong, but there were too many red flags and indicators that made me feel like this a completely built website to capture and steal your information.
Or steal your money.
On this section “Bank Account Info” section, The Lend Loop is asking for your monthly net income, if it is direct deposit, the Routing Number and Account Number for your bank account and your social.
Previously they asked “Next Pay Date”.
Could they have asked about the date to know when to withdraw funds from your account. Right when your direct deposit came into your account, when your account has the most money?
Share your thoughts and experience with the lend loop
I obviously did not provide my information to the lend loop on their website thelendloop.com, if you did please share your information and experience in the comments below. Were they helpful in obtaining and loan for you, was it a scam, or phishing website?