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A loan scam involves fraudsters pretending to offer legitimate loans. They often promise quick approvals and low-interest rates. Scammers usually target people with poor credit or those in urgent need of money. They create fake websites and use official-looking documents to appear credible. These scammers ask for fees upfront, calling them processing fees or insurance payments. They might also request personal information, like Social Security numbers and bank account details. Once they receive the money or information, they disappear without providing the loan. Scammers use high-pressure tactics to rush decisions. They may claim the offer is limited-time only. They often avoid face-to-face meetings, preferring online or phone communication.