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Banking Safety Tip

Don’t be fooled by payday loan scams

When you need cash quickly, payday loans can seem like a quick fix. But beware; fake payday loan offers are now being used by fraudsters to scam consumers. This is how it works…..you go online to apply for a payday loan and the fraudster, posing as the payday lender, tells you that you need to demonstrate “good faith.” This demonstration begins with you enrolling in online banking and providing the login credentials to the fake payday lender. They use the information to enroll you into mobile banking and the fraudster subsequently deposits checks into the account through mobile deposit. They instruct you to go to the financial institution, withdraw the money, and send it back to the fake payday loan company using a third party money transfer service. They tell you by demonstrating this “good faith” or “ability to pay” you will receive the payday loan. But this never actually happens – after sending the lender money you learn that the deposited checks were fraudulent, so now you have to pay your financial institution back. Now, in addition to needing a loan, you owe more money. To avoid scams such as these, do not take advantage of payday loan offers or provide login credentials to others. When you need a personal loan to pay for unexpected bills or emergency purchases, contact UECU. As a member, you are eligible for a low-rate personal loan or Visa® credit card.