Loans Canada Launches Free Credit Score Portal And Is Recognized As One Of Canada’s Top Growing Companies
Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
It has been brought to our attention that some of our clients have been receiving text messages from “Loans Canada” stating that they have been approved for an “instant loan” of $5000. We want to make it very clear that this is a scam.
Loans Canada does not send out loan approval text messages to anyone. The only type of message you will receive from Loans Canada is to let you know that our system was able to match you with a lender after you have submitted an application on our site.
Check out this article for more information about known scammers posing as Loans Canada.
Text message scammers will often masquerade as a creditable source such as banks, phone providers, government entities, or even family members. The text message sent will typically invite you to click on a link, phone number (as in our case) or email. Once clicked, you will be prompted to provide your personal and banking information on a separate page. This page is often created to look like the company it is trying to mimic, where they will ask you to provide information like your username, password, credit card number, debit card number, or PINs. Sometimes, the link may even install spyware which can allow the scammers to steal your personal and banking information.
Unfortunately, loan scams are all too prevalent. The only way to prevent more Canadians from falling victim to them is to open a conversation about these types of scams and provide as much information as possible.
Here are the most common signs that you are dealing with a loan scam:
This is a recent example of a text message scam sent to one of our clients. How do we know it’s a scam? Let’s check the signs!
If you notice one of the warning signs, it’s best to contact the company through direct channels to confirm the legitimacy of the text.
*It’s important to point out that a legitimate lender may ask for this information as part of their due diligence process. We understand that this can be confusing, just remember that they will not ask for your SIN or bank account information via text message. And absolutely no legitimate lender, loan comparison site, or service provider, will ever ask for access to your online banking.
Keep in mind, depending on the type of request you submit through Loans Canada, we may ask you for the following information via our request form, not via text message.
Loans Canada is a comparison platform that helps individuals find the lenders that are best suited for their needs in their area. The only way that Loans Canada asks for information from our clients is through a request on our website.
Scammers are often after sensitive personal information or direct access to your bank account that can allow them to commit fraud. In order to avoid being scammed, here are a few things you should never do.
If you or anyone you know feels like they have been contacted by a fake lender or is the victim of a loan scam, contact the authorities right away. If you have provided your banking information to a fake lender, contact your bank right away.
You can also contact the Canadian Anti-fraud Centre to report the scam. You can call the number 1-888-495-8501 from Monday to Friday between 10 am and 4:45 pm.
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Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
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All consultations and conversations with Loans Canada and its partners are confidential and risk-free. Speak with a trusted specialist today and see how we can help you achieve your financial goals faster. Loans Canada and its partners will never ask you for an upfront fee, deposit or insurance payments on a loan. Loans Canada is not a mortgage broker and does not arrange mortgage loans or any other type of financial service.
When you apply for a Loans Canada service, our website simply refers your request to qualified third party providers who can assist you with your search. Loans Canada may receive compensation from the offers shown on its website.
Only provide your information to trusted sources and be aware of online phishing scams and the risks associated with them, including identity theft and financial loss. Nothing on this website constitutes professional and/or financial advice.